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IRS Releases 2016-2017 Guidance Priority Plan

Wednesday, August 17, 2016 - 2:00PM

The Internal Revenue Service (IRS) on Monday released its 2016-2017 priority guidance plan and a fourth-quarter update to its 2015-2016 priority guidance plan. The 2016-2017 plan contains 281 projects, four more than the original version of last year’s document. Compared to the 2015-2016 version, priorities added to the 2016-2017 plan include issuing guidance on the right of first refusal under Section 42(i)(7) and issuing guidance on the modification, extension and phase-out of the solar investment tax credit (ITC) under Section 48. Priorities carried over from 2015-2016 include issuing final regulations under Section 45D; revising and clarifying certain recapture rules relating to the new markets tax credit (NMTC); guidance on the definition of qualifying energy property under Section 48; and guidance concerning the interaction of the rules in Section 50(d)(5) and subchapter K. 

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