Treasury, IRS Ask for Public Input on IRA-Associated Clean Energy Tax Provisions

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The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have issued three further notices requesting public enter on key local weather and clear energy tax incentives within the Inflation Reduction Act. The trio of notices follows an preliminary set of notices requesting remark the Department issued in October.

These notices are a part of Treasury’s ongoing efforts to interact a broad spectrum of taxpayers and stakeholders to tell its work implementing the Inflation Reduction Act. Nearly three-quarters of the invoice’s $369 billion local weather change funding – $270 billion – is delivered by way of tax incentives, placing the division on the forefront of this landmark laws.

In addition to those notices requesting public remark, the division has additionally been internet hosting a sequence of roundtable discussions with key stakeholder teams representing 1000’s of firms, thousands and thousands of employees, and trillions of {dollars} in funding property, in addition to local weather and environmental justice advocates, labor unions, community-based organizations, and different key actors which can be crucial to the success of the Inflation Reduction Act.

And final week, the division introduced it’ll host Tribal Consultations in late November and a session with Alaskan Native Corporations (ANC) in early December on key provisions of the Inflation Reduction Act that have an effect on Indian Tribal governments and ANCs.

The notices issued at the moment search remark from the general public on tax incentives associated to: (1) business clear autos and various gasoline car refueling property, (2) carbon seize, and (3) clear hydrogen and clear gasoline manufacturing. Those desirous about offering suggestions ought to observe the directions within the Notices and reply as quickly as attainable, ideally by December 3, 2022.

Additional background on the Treasury Department’s work to implement the Inflation Reduction Act:

August 16, 2022: Treasury Releases Initial Information on Electric Vehicle Tax Credit Under Newly Enacted Inflation Reduction Act

October 5, 2022: Treasury Seeks Public Input on Implementing the Inflation Reduction Act’s Clean Energy Tax Incentives

FACT SHEET: Treasury, IRS Open Public Comment on Implementing the Inflation Reduction Act’s Clean Energy Tax Incentives

October 26, 2022: READOUT: Stakeholder Roundtable on Clean Power Generation and the Inflation Reduction Act

October 27, 2022: READOUT: Stakeholder Roundtable on Climate Impact, Equity, and the Inflation Reduction Act

FACT SHEET: Four methods the Inflation Reduction Act’s Tax Incentives Will Support Building an Equitable Clean Energy Economy

October 31, 2022: READOUT: Stakeholder Roundtable on Investor Perspectives on Climate Change, Clean Energy, and the Inflation Reduction ActPicture: “Solar Panel” by redplanet89 is licensed below CC BY 2.0

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