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Dec 20, 2024 min watch

The Guide to 2025 Tax Season - Business Updates

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The Guide to 2025 Tax Season - Business Updates

Speaker: Tanya Baber

Date: January 14th, 2025

Time: 1 PM EST

 
 
We're ringing in the new year with tax law changes! Join us for part two of our 2025 Tax Season Updates series, where we'll cover the most important changes impacting businesses this tax season. From new adjustments to key credits and deductions, this webinar will give you the practical insights you need to help your clients this upcoming tax season.
 
 
Learning objectives:
  • Understand changes to business tax credits, including updates to the Small Employer Health Insurance Credit and energy-efficient credits
  • Explore updates to depreciation limits, depreciation phase-outs, and other business deductions
  • Learn about new allowances for fringe benefits, medical spending accounts, and other employee-related expenses
  • Identify the impacts of inflation adjustments on business-related thresholds and limits
  • Review updates to reporting requirements, such as 1099 forms and corporate alternative minimum tax provisions
 
 
Download a free copy of Tanya's eBook:
Download Ebook
 


Post-webinar Q&A:
Here is a closer look, with answers included, into some of the great questions we didn't have time to address during the webinar.


Q: Can we claim both the credit and deduction under IRS Section 45R?

Answer: If you receive a credit under IRS §45R (Credit for Small Employer Health Insurance Premiums) they do not allow this to be ‘doubled up’, or in other words, the deduction will need to be reduced. You must reduce any deduction you were planning on taking for the cost of providing health insurance to the employees by the amount of any credit received. (see Page 4 “Premium Deduction Reduced”  in the instructions for Form 8941 here:) https://www.irs.gov/pub/irs-pdf/i8941.pdf 
 
 
Q: Is the Alternative Fuel Vehicle Refueling Property credit available for personal?

Answer: Yes, it is available to both businesses and individuals who place qualified refueling property into service during the tax year at a home or business location. 
 
 
Q: Can you highlight those deductions and credits that are more applicable to HNWI?

Answer: A High Net Worth Individual is able to take advantage of many deductions and credits the same as any other taxpayer. In respect to how most of our tax laws function, the net worth of an individual is not usually taken into consideration. Instead, the amount of income that is earned and reportable in a given year (sometimes then modified further) is often a consideration when we talk about AGI (Adjusted Gross Income) limitations or sometimes even MAGI (Modified Adjusted Gross Income). Thankfully we do not need to ask for or take into account the net worth of our clients when calculating taxes and the associated deductions and credits, but for those individuals, their income may be outside of the income limitations to make them eligible for some deductions and credits. Look for the notes that show any phase out or ineligible deductions/credits if the amount of the AGI/MAGI is over the amount of the HNWI you are considering, and this can be its own solution (if there are losses or allowable amounts that change the AGI/MAGI needing to qualify)
 
 
Q: What happens if the statute runs out on amending your 941 and you got the ERC?

Answer: If you are referring to the statute of limitations running out for claiming the ERC for 2021 (remember, 2020 is already expired) this refers to the timeframe you have to make that original claim for the ERC by 4/15/25 for the 2021 year. Once that expires, it is gone, no other chances to make this claim. By statute means it is by law, so there is no other flexibility. (That is pretty much how it works for all our tax laws though, once the statue expires we cannot ever amend a return beyond that date) If you are referring to a client already that has already amended their 2021 941 returns at some point in the past and has already received their ERC refund from that claim, and possibly wanting to retract or remove that claim by amending the return again, that is problematic since the Voluntary Disclosure Programs have already expired, and the only ones still eligible to withdraw an ERC claim are those that have NOT been paid by the IRS or those that have not cashed or deposited that refund check. This link contains more information on those that can still withdraw an ERC claim: https://www.irs.gov/newsroom/withdraw-an-employee-retention-credit-erc-claim. I would recommend checking out the information in the link above, to see what can be done to withdraw the claim, or if the client is still eligible to, if that is the intention. 
 
 
Q: Can you refresh my memory on 6000%2B autos with Sec. 179? It's limited to $30,500, then bonus, then, regular? Is it Sec. 179 first or bonus first? 

Answer: When a company can take both §179 and bonus depreciation, §179 must be applied first. (This has the effect of reducing the basis on the property)  Next, any bonus depreciation can then be applied (which is then applying that % for the year on the remaining basis left, not the original amount). For the SUV category - the maximum §179 for 2024 is $30,500, and the bonus depreciation in effect for 2024 is 60% 
 
 
Q: Are any tax credits available for a hybrid car placed in service in 2024?

Answer: As shown in the slide deck under the New Clean Vehicle Credit, a business can get a partial $3,750 credit for the 2024 Audi Q5 or 2024 Ford Escape Plug-in. These are both plug-in hybrid cards that qualify. Remember there is a different credit that relates to an individual that can possibly purchase a used vehicle and qualify, but more of those details would be covered in the individual tax update course. In addition, there are a variety of helpful links and information found here: https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after 
 
 
Q: Is there a catch-up for SEP IRA?

Answer: No, SEP IRAs do not have a catch-up provision. This is because SEP IRAs are funded by employer contributions only, while catch-up contributions are for optional employee contributions. With that said, if you are permitted to make traditional IRA contributions into your SEP IRA account, you may be able to then make catch-up IRA contributions in this manner, and it would be going into the SEP technically, but as a traditional IRA contribution. This is again something the employee is choosing to do, and not at the employer level which funded by just employer contributions. 
 
 
Q: Is Zelle subject to the 1099-K reporting?

Answer: Upon digging into this specific payment app, Zelle isn’t technically a third-party payment app. This may seem like a small distinction, but this means Zelle isn’t subject to the 1099-K reporting requirements. Remember though, just because Zelle isn’t required to send 1099-K forms, that doesn’t mean that the taxpayer is exempt from paying taxes on any business income received through that app. Even amounts received from Zelle will need to be reported, if it was for money received for a business activity, they just may not ever receive a 1099-K. 
 
 
Q: What about the change in treatment for the disasters?

Answer: As disasters hit, the IRS issues guidance for each disaster, and often it is the due date for tax payments and returns that is most often extended. A great resource is this link: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations which will show disaster guidance issued by the IRS by date, as well as information about specific states, including the CA fires that have been affecting taxpayers in 2025.
 
 
Q: If you filed for the ERC for 2020 and should amend the income tax return to reduce wage deduction.  What do you do about amending the return if you have not yet received your refund?  The statute to amend is expiring.  Do you not amend? Or amend but risk not receiving and then the statute is run and can't be amended to put the deduction back in.

Answer: This definitely represents the true difficulty of dealing with this scenario. The statute of limitations for 2020 income tax returns is generally already expired in 2024. (depending on the type of business entity and calendar vs fiscal year they fall under)  If the belief is that the claim for ERC had a reasonable basis, this return should have already been amended before the statute of limitations expired in 2024, even if the ERC was not received yet. However, if the IRS then denies the claim after a return is amended to reduce that deduction, then the argument is that the client could then potentially overpay the tax if they didn’t get the advantage of receiving the credit and already reduced their deduction without the ability to adjust it. Unfortunately for the scenario given, the 2020 returns are already past that expiration date, so this does create a difficult dilemma, as well as dealing with this identical question as we wait on many 2020 AND 2021 claims still to be processed, and 2021 still being within those statutes, although not for much longer. 
 
 
Q: It was my understanding that the BOI reporting was due 1/13/25. Is that not the case?

Answer: Correct. Due to a variety of orders issued last minute in December, the most recent being December 26, 2024, FinCEN is complying with the district court’s order for as long as it remains in effect. Therefore, right now reporting companies are not required to file BOI information with FinCEN, although they may continue to voluntarily submit BOI information reports. (see https://fincen.gov/boi and under the alert about “ongoing litigation” there is a message to this effect) This means there is not any new due date at this time until it is sorted out, since they are under the court injunction to hold off. 
 
 
Q: If your employee works 30 or less can they still get the small employer health insurance credit?

Answer: The credit is for the business employer, based on all employees, and the requirement of 30 hours or less just means you don’t have to offer the plan to those employees working 30 hours or less. With that said, if the employer chooses to offer the health insurance plan to employees working 30 hours or less, it does not mean the credit cannot be allowed for the employer. Instead, the total number of employees is calculated (just to ensure the employer is not too ‘big’ of an employer and has less than 25 FTE (full-time equivalent) employees overall.) Part time workers are included in this FTE calculation for this reason, (so it wouldn’t count against an employer that has lots more part time workers, and could possibly go over the 25 employee mark if the hours are not taken into consideration) For more information on calculating this, check out the link to the instructions for form 8941 here: https://www.irs.gov/pub/irs-pdf/i8941.pdf 
 
 
Q: What is available for a participant over the age of 63?  re: catch-up contributions

Answer: The “super-catch-up-contributions” are only allowed for participants age 60-63 starting in 2025. For those age 50-59 or over 63, the standard catch-up contribution amount will still apply ($7,500 or $3,500 for SIMPLE for 2025) , they do not lose this, they just can’t participate in the “super-catch-up” amount of over $10,000+. 
 
 
Q: Does commercial vehicle apply to construction, driver (truck)?

Answer: The Commercial Clean Vehicle Credit does not take into consideration what the commercial vehicle is being used for, it simply looks at it being a commercial vehicle, or simply one used for commercial purposes. It also will also look at the GVWR (Gross Vehicle Weight Rating) and if the vehicle is under 14,000 pounds, it would have a maximum credit of $7,500 but if it is over that GVWR it would have a maximum credit of $40,000 instead. In the description for this credit it describes a vehicle as needing to be “subject to a depreciation allowance” so basically not subject to a lease. You can find more information regarding this at https://www.irs.gov/credits-deductions/commercial-clean-vehicle-credit.
 
 
Q: Is there still a requirement to amend business tax returns for the reduced deduction if we're outside the three-year statute of limitations?

Answer: The statute of limitations dictates if we are within the legal timeframe to file or amend a return. If a business return has already been filed, and the statute of limitations has then expired, this means that the business return would not be able to be amended, even if we really wanted to. It is simply by statute (or basically by law) beyond the date where it can be amended at that point. 
 
 
Q: What happens for those over 65 on the Secure Act?

Answer: For those looking to do ‘super-catch-up-contributions’ once they are over 65, they lose the ability to make these larger contributions to catch up of more than $10,000 but they still get to make the “regular” catch up contribution of $7,500 or $3,500 for a SIMPLE (See the answer above to a similar question #13 above)
 
 
Q: Would the Special Dealer credit also reduce the purchase price AND save our clients the sales tax on the purchase price (like a trade-in does)?

Answer: Correct, the clean vehicle credit, if applied to the purchase of the clean vehicle directly at the point of sale, would usually be treated the same as how a trade-in works. This basically reduces the price of the vehicle by the tax credit amount. Since sales tax is usually applied after any adjustments in this manner, only the reduced sales price would be subject to sales tax, in effect saving clients the sales tax on the value of the credit. 
The only catch to this is if the client then happens to have income levels that are ‘too high’ or don’t qualify for the credit, they will need to pay it back when they file their return for the year when it is then reconciled and reported according to all their income and everything is taken into consideration for that year.
 
 
Q: Does the small employer health credit apply to only the owner?

Answer:  The small employer health credit applies for the business that has set up health insurance benefits for their employees. The actual owners premiums are not going to be included in this amount only those of the employees (so sole-proprietors, Partners, Shareholders owning more than 2% of S Corps, more than 5% ownership of other businesses, or family members for those in this list) would not be included in this calculation. (This is because it would be considered differently for owners, and this is a credit meant for employers covering health insurance premiums for their employees) If the business has multiple owners and is structured as a pass-though entity, the credit will then pass through to the owners through information passed along on a K-1 form. (for example a partnership or S Corporation) but keep in mind that even cooperatives, estates, trusts and tax-exempt entities can qualify, and in those cases like a non-profit, there are no owners, it is just applied at the non-profit level, and doesn’t pass through to any individual. A helpful link: https://www.irs.gov/affordable-care-act/employers/small-business-health-care-tax-credit-and-the-shop-marketplace 
 
 
Q: What if they sell the vehicle before tax time will they still get the full credit?

Answer: Yes, they will receive the full credit, however it will likely limit that vehicle from being eligible for any other new vehicle credits after that, since that VIN was already reported and used once before. It could possibly qualify as a used vehicle credit after that point, but there would be requirements for this as well, and a timeframe that will be required of not being used in a clean vehicle credit in for 3 years before being sold used (making it impossible to be used again if sold by a taxpayer filing their return timely) 

Speaker: Tanya Baber

Date: January 14th, 2025

Time: 1 PM EST

 
 
We're ringing in the new year with tax law changes! Join us for part two of our 2025 Tax Season Updates series, where we'll cover the most important changes impacting businesses this tax season. From new adjustments to key credits and deductions, this webinar will give you the practical insights you need to help your clients this upcoming tax season.
 
 
Learning objectives:
  • Understand changes to business tax credits, including updates to the Small Employer Health Insurance Credit and energy-efficient credits
  • Explore updates to depreciation limits, depreciation phase-outs, and other business deductions
  • Learn about new allowances for fringe benefits, medical spending accounts, and other employee-related expenses
  • Identify the impacts of inflation adjustments on business-related thresholds and limits
  • Review updates to reporting requirements, such as 1099 forms and corporate alternative minimum tax provisions
 
 
Download a free copy of Tanya's eBook:
Download Ebook
 


Post-webinar Q&A:
Here is a closer look, with answers included, into some of the great questions we didn't have time to address during the webinar.


Q: Can we claim both the credit and deduction under IRS Section 45R?

Answer: If you receive a credit under IRS §45R (Credit for Small Employer Health Insurance Premiums) they do not allow this to be ‘doubled up’, or in other words, the deduction will need to be reduced. You must reduce any deduction you were planning on taking for the cost of providing health insurance to the employees by the amount of any credit received. (see Page 4 “Premium Deduction Reduced”  in the instructions for Form 8941 here:) https://www.irs.gov/pub/irs-pdf/i8941.pdf 
 
 
Q: Is the Alternative Fuel Vehicle Refueling Property credit available for personal?

Answer: Yes, it is available to both businesses and individuals who place qualified refueling property into service during the tax year at a home or business location. 
 
 
Q: Can you highlight those deductions and credits that are more applicable to HNWI?

Answer: A High Net Worth Individual is able to take advantage of many deductions and credits the same as any other taxpayer. In respect to how most of our tax laws function, the net worth of an individual is not usually taken into consideration. Instead, the amount of income that is earned and reportable in a given year (sometimes then modified further) is often a consideration when we talk about AGI (Adjusted Gross Income) limitations or sometimes even MAGI (Modified Adjusted Gross Income). Thankfully we do not need to ask for or take into account the net worth of our clients when calculating taxes and the associated deductions and credits, but for those individuals, their income may be outside of the income limitations to make them eligible for some deductions and credits. Look for the notes that show any phase out or ineligible deductions/credits if the amount of the AGI/MAGI is over the amount of the HNWI you are considering, and this can be its own solution (if there are losses or allowable amounts that change the AGI/MAGI needing to qualify)
 
 
Q: What happens if the statute runs out on amending your 941 and you got the ERC?

Answer: If you are referring to the statute of limitations running out for claiming the ERC for 2021 (remember, 2020 is already expired) this refers to the timeframe you have to make that original claim for the ERC by 4/15/25 for the 2021 year. Once that expires, it is gone, no other chances to make this claim. By statute means it is by law, so there is no other flexibility. (That is pretty much how it works for all our tax laws though, once the statue expires we cannot ever amend a return beyond that date) If you are referring to a client already that has already amended their 2021 941 returns at some point in the past and has already received their ERC refund from that claim, and possibly wanting to retract or remove that claim by amending the return again, that is problematic since the Voluntary Disclosure Programs have already expired, and the only ones still eligible to withdraw an ERC claim are those that have NOT been paid by the IRS or those that have not cashed or deposited that refund check. This link contains more information on those that can still withdraw an ERC claim: https://www.irs.gov/newsroom/withdraw-an-employee-retention-credit-erc-claim. I would recommend checking out the information in the link above, to see what can be done to withdraw the claim, or if the client is still eligible to, if that is the intention. 
 
 
Q: Can you refresh my memory on 6000%2B autos with Sec. 179? It's limited to $30,500, then bonus, then, regular? Is it Sec. 179 first or bonus first? 

Answer: When a company can take both §179 and bonus depreciation, §179 must be applied first. (This has the effect of reducing the basis on the property)  Next, any bonus depreciation can then be applied (which is then applying that % for the year on the remaining basis left, not the original amount). For the SUV category - the maximum §179 for 2024 is $30,500, and the bonus depreciation in effect for 2024 is 60% 
 
 
Q: Are any tax credits available for a hybrid car placed in service in 2024?

Answer: As shown in the slide deck under the New Clean Vehicle Credit, a business can get a partial $3,750 credit for the 2024 Audi Q5 or 2024 Ford Escape Plug-in. These are both plug-in hybrid cards that qualify. Remember there is a different credit that relates to an individual that can possibly purchase a used vehicle and qualify, but more of those details would be covered in the individual tax update course. In addition, there are a variety of helpful links and information found here: https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after 
 
 
Q: Is there a catch-up for SEP IRA?

Answer: No, SEP IRAs do not have a catch-up provision. This is because SEP IRAs are funded by employer contributions only, while catch-up contributions are for optional employee contributions. With that said, if you are permitted to make traditional IRA contributions into your SEP IRA account, you may be able to then make catch-up IRA contributions in this manner, and it would be going into the SEP technically, but as a traditional IRA contribution. This is again something the employee is choosing to do, and not at the employer level which funded by just employer contributions. 
 
 
Q: Is Zelle subject to the 1099-K reporting?

Answer: Upon digging into this specific payment app, Zelle isn’t technically a third-party payment app. This may seem like a small distinction, but this means Zelle isn’t subject to the 1099-K reporting requirements. Remember though, just because Zelle isn’t required to send 1099-K forms, that doesn’t mean that the taxpayer is exempt from paying taxes on any business income received through that app. Even amounts received from Zelle will need to be reported, if it was for money received for a business activity, they just may not ever receive a 1099-K. 
 
 
Q: What about the change in treatment for the disasters?

Answer: As disasters hit, the IRS issues guidance for each disaster, and often it is the due date for tax payments and returns that is most often extended. A great resource is this link: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations which will show disaster guidance issued by the IRS by date, as well as information about specific states, including the CA fires that have been affecting taxpayers in 2025.
 
 
Q: If you filed for the ERC for 2020 and should amend the income tax return to reduce wage deduction.  What do you do about amending the return if you have not yet received your refund?  The statute to amend is expiring.  Do you not amend? Or amend but risk not receiving and then the statute is run and can't be amended to put the deduction back in.

Answer: This definitely represents the true difficulty of dealing with this scenario. The statute of limitations for 2020 income tax returns is generally already expired in 2024. (depending on the type of business entity and calendar vs fiscal year they fall under)  If the belief is that the claim for ERC had a reasonable basis, this return should have already been amended before the statute of limitations expired in 2024, even if the ERC was not received yet. However, if the IRS then denies the claim after a return is amended to reduce that deduction, then the argument is that the client could then potentially overpay the tax if they didn’t get the advantage of receiving the credit and already reduced their deduction without the ability to adjust it. Unfortunately for the scenario given, the 2020 returns are already past that expiration date, so this does create a difficult dilemma, as well as dealing with this identical question as we wait on many 2020 AND 2021 claims still to be processed, and 2021 still being within those statutes, although not for much longer. 
 
 
Q: It was my understanding that the BOI reporting was due 1/13/25. Is that not the case?

Answer: Correct. Due to a variety of orders issued last minute in December, the most recent being December 26, 2024, FinCEN is complying with the district court’s order for as long as it remains in effect. Therefore, right now reporting companies are not required to file BOI information with FinCEN, although they may continue to voluntarily submit BOI information reports. (see https://fincen.gov/boi and under the alert about “ongoing litigation” there is a message to this effect) This means there is not any new due date at this time until it is sorted out, since they are under the court injunction to hold off. 
 
 
Q: If your employee works 30 or less can they still get the small employer health insurance credit?

Answer: The credit is for the business employer, based on all employees, and the requirement of 30 hours or less just means you don’t have to offer the plan to those employees working 30 hours or less. With that said, if the employer chooses to offer the health insurance plan to employees working 30 hours or less, it does not mean the credit cannot be allowed for the employer. Instead, the total number of employees is calculated (just to ensure the employer is not too ‘big’ of an employer and has less than 25 FTE (full-time equivalent) employees overall.) Part time workers are included in this FTE calculation for this reason, (so it wouldn’t count against an employer that has lots more part time workers, and could possibly go over the 25 employee mark if the hours are not taken into consideration) For more information on calculating this, check out the link to the instructions for form 8941 here: https://www.irs.gov/pub/irs-pdf/i8941.pdf 
 
 
Q: What is available for a participant over the age of 63?  re: catch-up contributions

Answer: The “super-catch-up-contributions” are only allowed for participants age 60-63 starting in 2025. For those age 50-59 or over 63, the standard catch-up contribution amount will still apply ($7,500 or $3,500 for SIMPLE for 2025) , they do not lose this, they just can’t participate in the “super-catch-up” amount of over $10,000+. 
 
 
Q: Does commercial vehicle apply to construction, driver (truck)?

Answer: The Commercial Clean Vehicle Credit does not take into consideration what the commercial vehicle is being used for, it simply looks at it being a commercial vehicle, or simply one used for commercial purposes. It also will also look at the GVWR (Gross Vehicle Weight Rating) and if the vehicle is under 14,000 pounds, it would have a maximum credit of $7,500 but if it is over that GVWR it would have a maximum credit of $40,000 instead. In the description for this credit it describes a vehicle as needing to be “subject to a depreciation allowance” so basically not subject to a lease. You can find more information regarding this at https://www.irs.gov/credits-deductions/commercial-clean-vehicle-credit.
 
 
Q: Is there still a requirement to amend business tax returns for the reduced deduction if we're outside the three-year statute of limitations?

Answer: The statute of limitations dictates if we are within the legal timeframe to file or amend a return. If a business return has already been filed, and the statute of limitations has then expired, this means that the business return would not be able to be amended, even if we really wanted to. It is simply by statute (or basically by law) beyond the date where it can be amended at that point. 
 
 
Q: What happens for those over 65 on the Secure Act?

Answer: For those looking to do ‘super-catch-up-contributions’ once they are over 65, they lose the ability to make these larger contributions to catch up of more than $10,000 but they still get to make the “regular” catch up contribution of $7,500 or $3,500 for a SIMPLE (See the answer above to a similar question #13 above)
 
 
Q: Would the Special Dealer credit also reduce the purchase price AND save our clients the sales tax on the purchase price (like a trade-in does)?

Answer: Correct, the clean vehicle credit, if applied to the purchase of the clean vehicle directly at the point of sale, would usually be treated the same as how a trade-in works. This basically reduces the price of the vehicle by the tax credit amount. Since sales tax is usually applied after any adjustments in this manner, only the reduced sales price would be subject to sales tax, in effect saving clients the sales tax on the value of the credit. 
The only catch to this is if the client then happens to have income levels that are ‘too high’ or don’t qualify for the credit, they will need to pay it back when they file their return for the year when it is then reconciled and reported according to all their income and everything is taken into consideration for that year.
 
 
Q: Does the small employer health credit apply to only the owner?

Answer:  The small employer health credit applies for the business that has set up health insurance benefits for their employees. The actual owners premiums are not going to be included in this amount only those of the employees (so sole-proprietors, Partners, Shareholders owning more than 2% of S Corps, more than 5% ownership of other businesses, or family members for those in this list) would not be included in this calculation. (This is because it would be considered differently for owners, and this is a credit meant for employers covering health insurance premiums for their employees) If the business has multiple owners and is structured as a pass-though entity, the credit will then pass through to the owners through information passed along on a K-1 form. (for example a partnership or S Corporation) but keep in mind that even cooperatives, estates, trusts and tax-exempt entities can qualify, and in those cases like a non-profit, there are no owners, it is just applied at the non-profit level, and doesn’t pass through to any individual. A helpful link: https://www.irs.gov/affordable-care-act/employers/small-business-health-care-tax-credit-and-the-shop-marketplace 
 
 
Q: What if they sell the vehicle before tax time will they still get the full credit?

Answer: Yes, they will receive the full credit, however it will likely limit that vehicle from being eligible for any other new vehicle credits after that, since that VIN was already reported and used once before. It could possibly qualify as a used vehicle credit after that point, but there would be requirements for this as well, and a timeframe that will be required of not being used in a clean vehicle credit in for 3 years before being sold used (making it impossible to be used again if sold by a taxpayer filing their return timely) 
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