Pub. 23 2024 Issue 2

22 Florence Street • South Hackensack, NJ 07606 • Learn more at WASCOonline.com • 800-732-4511 Why Should Your Dealership Partner With WASCO? Dealership Supplies & Exceptional Customer Service WASCO helps me manage a very diverse, very difficult business. Interacting with many vendors on my behalf really helps me simplify the entire process. — Ed Rossi, Rossi Chevrolet Buick GMC “ ” VOLUME PRICING DISCOUNTS PURCHASING EFFICIENCY ANNUAL DIVIDEND NADA REQUESTED RELIEF FOR DEALERS ENCOUNTERING PROBLEMS WITH REGISTRATION AND SUBMISSION OF TIME OF SALE REPORTS IN THE IRS ENERGY CREDITS ONLINE PORTAL On May 30, 2024, NADA submitted a letter to the U.S. Department of the Treasury and the Internal Revenue Service (IRS) formally requesting relief for dealers that have not been reimbursed for the advanced payment of Section 25E and Section 30D clean vehicle tax credits applied at the point-of-sale for 2024 clean vehicle sales because of problems with registration for the advance payment program and submission of Time of Sale reports in the Energy Credits Online portal. NADA submitted the letter following extensive discussions with the Treasury and the IRS over the last two months to define the types of problems encountered by affected dealers and the scope of outstanding reimbursements. The letter stressed that, because the customers involved in each sale received the benefit of a clean vehicle tax credit transfer, dealers should not be forced to incur losses on these sales based merely on technical non-compliance with certain regulatory requirements of the advance payment program, particularly given the technological and administrative difficulties encountered during the portal’s implementation. NADA will continue to push for relief for the affected dealers and to stress the importance of this issue in its communications with Treasury and IRS. Dealers should refrain from applying clean vehicle tax credits at the point of sale if they have not completed registration for the advance payment program or experience problems with the portal when submitting a Time of Sale report. Dealers are also reminded that, for transactions involving a clean vehicle tax credit transfer, they should not deliver a vehicle to a customer until after properly submitting a Time of Sale report. In addition, dealers are cautioned against spot deliveries involving a clean vehicle because a return after delivery could cause the vehicle to lose eligibility for a tax credit on a subsequent sale. NADA members may obtain additional guidance and information regarding the Clean Vehicle Tax Credits from NADA’s Clean Vehicle and Refueling Incentives webpage by scanning the QR code. https://tinyurl.com/nadaincentives 11 NEW JERSEY auto retailer

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