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December 19, 2022

Treasury lists timeline for IRA guidance projects to be accomplished in final days of 2022

Treasury has announced a timeline for providing additional information on key tax provisions of the Inflation Reduction Act (IRA). By December 31, 2022, Treasury intends to provide: (1) frequently asked questions for consumers on the tax credit for energy-efficient home improvement projects and residential energy property; (2) initial guidance on the corporate alternative minimum tax; (3) initial guidance on the stock buyback excise tax; and (4) information on the anticipated direction of the critical mineral and battery component requirements that vehicles must meet to qualify for IRA tax incentives.

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor