IRS Seeks Comments on New Energy Credits
The Department of the Treasury and the IRS have issued six notices asking for public comments on various aspects of extensions and enhancements of energy tax benefits enacted in the Inflation Reduction Act. The credits offer new opportunities for colleges and universities to invest in renewable energy.
Treasury Releases Guidance on Labor Protections for Energy Tax Incentives
The Treasury Department’s notice is the initial implementation of the strong labor standards that firms must meet to qualify for enhanced clean energy and energy efficiency tax incentives, including the green building deduction under Section 179D.
IRS Publishes Initial Guidance on 2023 Electric Vehicle Credits
Certain new electric vehicles purchased on or after January 1, 2023, will be eligible for up to a $7,500 clean vehicle tax credit, according to new IRS guidance. Private nonprofit colleges and universities and some public institutions can claim the credits.