Nov 3 -- 1) Treasury Seeks Public Input on Additional Clean Energy Tax Provisions of the Inflation Reduction Act (press release)
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today issued three additional notices requesting public input on key climate and clean energy tax incentives in the Inflation Reduction Act. The trio of notices follows an initial set of notices requesting comment the Department issued in October.
These Notices are part of Treasury’s ongoing efforts to engage a broad spectrum of taxpayers and stakeholders to inform its work implementing the Inflation Reduction Act. Nearly three-quarters of the bill’s $369 billion climate change investment - $270 billion – is delivered through tax incentives, putting the Department at the forefront of this landmark legislation. . . .
The Notices issued today seek comment from the public on tax incentives related to: (1) commercial clean vehicles and alternative fuel vehicle refueling property, (2) carbon capture, and (3) clean hydrogen and clean fuel production. Those interested in providing feedback should follow the instructions in the Notices and reply as soon as possible, ideally by December 3, 2022.
2) IRS seeks comments on upcoming energy guidance
The Internal Revenue Service today issued three notices asking for comments on different aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act. The IRS anticipates that constructive comments from interested parties will aid the agency in drafting the guidance items most reflective of the needs of taxpayers entitled to claim energy credits.
Notice 2022-56PDF requests comments related to the qualified commercial clean vehicles provisions and the alternative fuel vehicle refueling property. https://www.irs.gov/pub/irs-drop/n-22-56.pdf
Notice 2022-57PDF requests comments related to the credit for carbon capture. https://www.irs.gov/pub/irs-drop/n-22-57.pdf
Notice 2022-58PDF requests comments related to the credit for the production of clean hydrogen and the clean fuel production credit. https://www.irs.gov/pub/irs-drop/n-22-58.pdf
The IRS is requesting that those interested in providing feedback to the questions in the notices follow the instructions in the notices to reply by December 3, 2022.