The USA continues to lead the way when it comes to incentivizing companies to make the switch to sustainable EV solutions, with the Manufacturers for Qualified Commercial Clean Vehicle Credit potentially offering significant savings on new SEA Electric vehicle purchases.
The offer is open to businesses and other tax-exempt organizations that buy a qualified commercial clean vehicle, of which SEA Electric is listed as a manufacturer, with the Commercial Clean Vehicle Credit potentially valued up to $40,000 under Internal Revenue Code (IRC) 45W.
The value of the credit equals the lesser of 30 per cent of your basis in the vehicle (due to SEA Electric’s all-electric power-system), or the incremental cost of the vehicle.
The maximum credit is $40,000 for all vehicles with a GVWR over 14,000 pounds, with this value stackable with most state-based incentives.
This particular credit is only applicable to SEA Electric VIN-plated vehicles model year 2023 and forward, with SEA Electric providing the IRS with VINs produced from Q2 2023, so that the applicable credits can be matched.
Importantly, at this time, there is no limit to the number of credits a purchaser can request, therefore making the program applicable for large fleet purchases.
For businesses, the credits are nonrefundable, so the buyer can’t receive more on the credit than is owed in taxes, while the trucks must be used for business and not resale, be primarily used within the United States, and not have been allowed another credit under sections 30D or 45W of the IRC.
It is worth noting that the Commercial Clean Vehicle Credit is not a credit from SEA Electric, so it will not be reflected in the commercial invoice at the time of purchase, with the IRS currently in the process of creating the claim form for the credit type – prospective purchasers are advised to check out the IRS website for the latest details.
For a thorough deep dive into a state-by-state breakdown of the possible financial incentives available in your area, SEA Electric has prepared the ‘Incentives & You: SEA Electric’s USA Guide’, which is available by clicking here.