Treasury Announces Plans for Key Guidance on IRA Provisions Before End of Year
The U.S. Department of the Treasury today announced plans to provide key guidance before the end of the year on specific clean energy tax provisions included in the Inflation Reduction Act of 2022. Treasury said it will provide a frequently asked questions (FAQs) document for consumers concerning energy-efficient home improvement projects and residential energy property, initial guidance on the corporate alternative minimum tax and initial guidance on the excise tax for stock buybacks. Treasury said it will also provide an update on the critical mineral and battery component requirements for vehicles to qualify for tax incentives in the IRA. In March 2023, Treasury will issue a notice of proposed rulemaking on critical minerals and battery requirements. In November, Treasury issued initial guidance on the prevailing wage and apprenticeship standards.
The Oct. 25 episode of the Tax Credit Tuesday podcast featured a discussion of key provisions of the IRA and how the Novogradac Renewable Energy Working Group was addressing them.