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IRS Seeks Comments on New Energy Credits

10/12/2022

On October 5, the Department of the Treasury and the IRS published six notices seeking public input on various new and expanded energy tax credits included in the recently enacted Inflation Reduction Act of 2022 (IRA). The IRA created or enhanced a dozen credits, offering opportunities for how colleges and universities invest in renewable energy to power their campuses. 

The Biden administration kicked off the guidance process for implementation of the new and enhanced energy incentives with the notices below. Each notice includes a description of the relevant IRA provisions followed by specific questions, in addition to a general request for input.

  • Notice 2022-46: credits for clean vehicles [Note: The IRA requires the Treasury to issue guidance for the electric vehicle credit by December 31, 2022].
  • Notice 2022-47: energy security tax credits for manufacturing
  • Notice 2022-48: incentive provisions for improving the energy efficiency of residential and commercial buildings
  • Notice 2022-49: energy generation incentives
  • Notice 2022-50: direct pay and transfer of certain credits
  • Notice 2022-51: prevailing wage, apprenticeship, domestic content, and energy community provisions that increase the value of multiple credits

Comments for all the notices are due by Friday, November 4, either electronically on www.regulations.gov or by mail to the IRS.

The Treasury also published a fact sheet describing the notices, outlining the administration’s guiding principles as they develop guidance, and providing background on the implementation process.

Contact

Mary Bachinger

Director, Tax Policy

202.861.2581

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