November 8, 2022
IRS and Treasury release 2022–2023 guidance plan listing energy-related projects, request comments on certain IRA energy provisions
On November 4, 2022, the IRS and Treasury released the 2022–2023 Priority Guidance Plan, which lists the projects to which the IRS and Treasury will allocate resources for plan year July 1, 2022 through June 30, 2023. The guidance plan contains 10 projects concerning energy security.
In addition, the IRS released three notices requesting comments on energy-related tax credits enacted by the Inflation Reduction Act (IRA).
The guidance plan lists 10 projects related to energy provisions. Seven of the projects concern guidance related to the IRA provisions on:
The guidance plan also listed three projects for guidance on:
Request for comments
Separately, the IRS published three notices requesting comments on various aspects of the energy-related tax credits in the IRA. Comments are due by December 3, 2022. The IRS seeks comments regarding:
While the IRA represented a monumental investment in climate and energy-transition-related investments and technologies, timely and actionable regulatory guidance is sorely needed for a variety of technologies. Taxpayers ought to carefully review any proposed guidance and evaluate the potential implications to current and proposed investments in the energy space.
Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor