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136 STAT. 1959 PUBLIC LAW 117–169—AUG. 16, 2022 ‘‘(A) subject to paragraph (4), registered with the Sec- retary for purposes of this paragraph, at such time, and in such form and manner, as the Secretary may prescribe, ‘‘(B) prior to the election described in paragraph (1) and not later than at the time of such sale, disclosed to the taxpayer purchasing such vehicle— ‘‘(i) the manufacturer’s suggested retail price, ‘‘(ii) the value of the credit allowed and any other incentive available for the purchase of such vehicle, and ‘‘(iii) the amount provided by the dealer to such taxpayer as a condition of the election described in paragraph (1), ‘‘(C) not later than at the time of such sale, made payment to such taxpayer (whether in cash or in the form of a partial payment or down payment for the purchase of such vehicle) in an amount equal to the credit otherwise allowable to such taxpayer, and ‘‘(D) with respect to any incentive otherwise available for the purchase of a vehicle for which a credit is allowed under this section, including any incentive in the form of a rebate or discount provided by the dealer or manufac- turer, ensured that— ‘‘(i) the availability or use of such incentive shall not limit the ability of a taxpayer to make an election described in paragraph (1), and ‘‘(ii) such election shall not limit the value or use of such incentive. ‘‘(3) TIMING.—An election described in paragraph (1) shall be made by the taxpayer not later than the date on which the vehicle for which the credit is allowed under subsection (a) is purchased. ‘‘(4) REVOCATION OF REGISTRATION.—Upon determination by the Secretary that a dealer has failed to comply with the requirements described in paragraph (2), the Secretary may revoke the registration (as described in subparagraph (A) of such paragraph) of such dealer. ‘‘(5) TAX TREATMENT OF PAYMENTS.—With respect to any payment described in paragraph (2)(C), such payment— ‘‘(A) shall not be includible in the gross income of the taxpayer, and ‘‘(B) with respect to the dealer, shall not be deductible under this title. ‘‘(6) APPLICATION OF CERTAIN OTHER REQUIREMENTS.—In the case of any election under paragraph (1) with respect to any vehicle— ‘‘(A) the requirements of paragraphs (1) and (2) of subsection (f) shall apply to the taxpayer who acquired the vehicle in the same manner as if the credit determined under this section with respect to such vehicle were allowed to such taxpayer, ‘‘(B) paragraph (6) of such subsection shall not apply, and ‘‘(C) the requirement of paragraph (9) of such sub- section (f) shall be treated as satisfied if the eligible entity provides the vehicle identification number of such vehicle Determination. Deadline. VerDate Sep 11 2014 15:35 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00143 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw