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September 14, 2022

IRS provides rules for claiming credit for alternative fuels sold or used in first three quarters of 2022

The IRS has published rules (Notice 2022-39) that a claimant must follow to make a one-time claim for a credit and payment permitted under IRC Sections 6426(d) and 6427(e) for alternative fuels sold or used in the first three calendar quarters of 2022. These new rules are prescribed under the Inflation Reduction Act of 2022. The notice also provides instructions for reducing a taxpayer's liability for excise taxes imposed under IRC Section 4081 by claiming the alternative fuel mixture credit under IRC Section 6426(e) for the first and second quarters of 2022. A Tax Alert is forthcoming.