Body The Inflation Reduction Act changed a wide range of tax laws and provided funds to improve our services and technology to make tax filing easier for you. Since the Inflation Reduction Act is a 10-year plan, the changes won't happen immediately. We're working to implement the law as quickly as we can. Latest Updates We'll share news on the latest developments here, so check back for updates. Recent News IR-2022-233, Treasury, IRS issue guidance on the incremental cost for the Commercial Clean Vehicle Credit IR-2022-232, Treasury, IRS issue guidance on their intent to publish regulations regarding clean vehicles IR-2022-231, IRS releases frequently asked questions about clean vehicles credits for new, previously owned and commercial clean vehicles IR-2022-229, Treasury, IRS issue interim guidance on new corporate alternative minimum tax IR-2022-228, Treasury, IRS issue guidance on corporate stock repurchase excise tax in advance of forthcoming regulations IR-2022-225, IRS releases frequently asked questions about energy efficient home improvements and residential clean energy property credits IR-2022-223, Treasury, IRS issue guidance on new Sustainable Aviation Fuel Credit All News Releases on the Inflation Reduction Act Tax Law Changes The Inflation Reduction Act covers new and reinstated tax laws that will affect individuals and businesses, including a number of credits and deductions. One provision changes the eligibility rules to claim a tax credit for clean vehicles. This took effect as soon as the law was signed. More details about clean vehicles and other tax provisions will be available in coming months. Clean Vehicle Credits Credits for New Electric Vehicles Purchased in 2023 or After Credits for New Electric Vehicles Purchased in 2022 or Before Used Electric Vehicle Credit Commercial Clean Vehicle Credit Clean Vehicle Credit Qualified Manufacturer Requirements Clean Vehicle Credit Dealer Requirements Excise Tax Credits for alternative fuels, biodiesel, and renewable diesel Guidance Find guidance on key tax provisions in the Inflation Reduction Act of 2022. Notices Notice 2023-07PDF, announces the intent to issue proposed regulations addressing the application of the new corporate alternative minimum tax (CAMT). Sections 3 through 7 of this notice provide interim guidance regarding certain time-sensitive issues intended to be addressed by the forthcoming proposed regulations. Notice 2023-09PDF, provides a safe harbor regarding the incremental cost of certain qualified commercial clean vehicles placed in service in calendar year 2023 for purposes of the new credit for qualified commercial clean vehicles under § 45W of the Internal Revenue Code (Code). Notice 2023-06PDF, provides guidance on the new sustainable aviation fuel credits under §§ 40B and 6426(k) of the Internal Revenue Code and related credit and payment rules under §§ 34(a)(3), 38, 87, and 6427(e)(1). This notice also provides rules related to the § 4101 registration requirements. Finally, this notice requests comments from the public related to the SAF credit to assist the Department of the Treasury and the Internal Revenue Service in developing additional guidance on the SAF credit in the future. Notice-2023-02PDF, provides initial Guidance Regarding the Application of the Excise Tax on Repurchases of Corporate Stock under Section 4501 of the Internal Revenue Code. Notice 2023-01PDF, informs taxpayers that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to propose regulations under § 30D of the Internal Revenue Code (Code) (forthcoming proposed regulations) addressing the definitions of certain terms relevant to the requirements of the clean vehicle credit available under § 30D (§ 30D credit). Additional Notices Announcements Announcement 2023-01, Updated Reference Standard 90.1 for § 179DPDF Announcement 2022-23, Renewable Electricity Production Credit Amounts for Calendar Year 2022 Revenue Procedures Revenue Procedure 2022-42, Submission of Information to IRS by Qualified Manufacturers of Clean Vehicles, Previously-Owned Clean Vehicles, and Commercial Clean Vehicles; Submission of Information to IRS by Sellers of Clean Vehicles and Previously-Owned Clean VehiclesPDF More Information Frequently Asked Questions About the New, Previously-Owned and Qualified Commercial Clean Vehicles Credit Frequently asked questions about energy efficient home improvements and residential clean energy property credits
