Yes, the Commercial Clean Vehicle Tax Credit, also known as Internal Revenue Code 45W, is refundable (or direct pay) for tax-exempt entities like nonprofits or governments (i.e., cities or counties). This means that tax-exempt entities can claim and receive the tax credit even though they don’t pay any taxes. The IRS treats the tax credit as if it were an overpayment of taxes and refunds the money to the tax-exempt entity even though no taxes were paid.
Can non-taxable entities like nonprofits, cities, or governments with fleets get the commercial tax credit?
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