The Taxpayer Certainty and Disaster Tax Relief Act of extended the credit for qualified two-wheeled plug-in electric vehicles to cover vehicles acquired in Use Form to figure your credit for qualified plug-in electric drive motor vehicles you placed in service during your tax year.
Also use Form to figure your credit for certain qualified two-wheeled plug-in electric vehicles discussed under What's New , earlier. The credit attributable to depreciable property vehicles used for business or investment purposes is treated as a general business credit.
Any credit not attributable to depreciable property is treated as a personal credit. Partnerships and S corporations must file this form to claim the credit. All other taxpayers are not required to complete or file this form if their only source for this credit is a partnership or S corporation. Use the January revision of Form for tax years beginning in or later, until a later revision is issued.
Use prior revisions of the form for earlier tax years. All revisions are available at IRS. Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity, and. Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 2.
The manufacturer or domestic distributor should be able to provide you with a copy of the IRS letter acknowledging the certification of the vehicle.
If, however, the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle acquired after the date of publication of the withdrawal announcement. If you acquired a vehicle and its certification was withdrawn on or after the date you acquired it, you can rely on such certification even if you had not placed the vehicle in service or claimed the credit by the date the withdrawal announcement was published by the IRS.
The IRS will not attempt to collect any understatement of tax liability attributable to reliance on the certification as long as you acquired the vehicle on or before the date the IRS published the withdrawal announcement.
You are the owner of the vehicle. If the vehicle is leased, only the lessor and not the lessee, is entitled to the credit. If you are the seller of a qualified plug-in electric drive motor vehicle or qualified two-wheeled plug-in electric vehicle to a tax-exempt organization, governmental unit, or a foreign person or entity, and the use of that vehicle is described in section 50 b 3 or 4 , you can claim the credit, but only if you clearly disclose in writing to the purchaser the amount of the tentative credit allowable for the vehicle from line 11 of Form If you elect to claim the credit, you must reduce cost of goods sold by the amount you entered on line 11 for that vehicle.
Notice , I. ET By Bill Bischoff. More generous rules for taxpayers with no children For , the age restriction for taxpayers with no qualified children is significantly liberalized. If you are a specified student, the minimum age is 24 for You can calculate the EITC using either your or earned income For , you can calculate your EITC for using either your earned income or your earned income.
Liberalized rule for married-but-separated individuals In general, married individuals must file joint federal income tax returns to be eligible for the EITC. My wife is a stay-at-home mom. Are we doing OK? Bill Bischoff.
Bill Bischoff is a tax columnist for MarketWatch. Doubting that we could be in a stock-market bubble? AstraZeneca slumps in London as earnings disappoint, vaccine profits modest.
You, and your spouse if you are married, generally must work or be looking for work to take this credit. You cannot take the credit or exclusion if you have no earned income for the year, unless you or your spouse is a full—time student or are disabled.
You may qualify for a child and dependent care credit for someone other than your child. If your spouse or another person lived with you for more than half the year and was unable to care for himself or herself, you may be entitled to the credit. A person is unable to care for himself or herself if physical or mental problems prevent the person from dressing, cleaning, or feeding themselves, or if they need constant attention to prevent injury to themselves or others.
The child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them, such as your grandchild, niece, or nephew. Excess Cashflow With respect to any Distribution Date the sum of i the amount remaining after the distribution of interest to Certificateholders for such Distribution Date pursuant to Section 4.
Base Rate Margin means a rate per annum determined in accordance with the Pricing Schedule. Maximum Incremental Facilities Amount means, at any date of determination, i the amount such that, after giving effect to the incurrence of such amount Holdings would be in compliance on a Pro Forma Basis including any adjustments required by such definition as a result of a contemplated Permitted Acquisition and, only in the case of a simultaneous incurrence of the maximum amount permitted to be incurred under this clause i on the date of such incurrence together with an incurrence in reliance on clause ii below on such date, without giving pro forma effect to such simultaneous incurrence in reliance on clause ii below with the Senior Secured Leverage Test assuming that all Indebtedness incurred pursuant to Section 2.
Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.
Average Availability means, at any Adjustment Date, the average daily Total Excess Availability for the fiscal quarter period immediately preceding such Adjustment Date.
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