Yes, the time-of-sale report is required by law for sellers and dealers of vehicles eligible for the new clean vehicle credit under the Internal Revenue Code (IRC) 30D. The seller must furnish a report to the buyer at the time of sale and also submit it to the IRS for the vehicle to qualify for the credit. For transactions occurring on or after January 1, 2024, time-of-sale reports must be submitted through the IRS Energy Credits Online within three calendar days of the sale date. This requirement is part of the legal framework to ensure that tax credits are properly claimed and verified, and it facilitates real-time validation of vehicle eligibility using Vehicle Identification Numbers (VINs).
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