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-2023-108, IRS provides additional guidance for advanced energy projects IR-2023-107, Treasury and IRS provide proposed rules on energy projects for low-income communities IR-2023-102, IRS provides initial guidance for the domestic content bonus credit IR-2023-97, IRS: Going green could help taxpayers qualify for expanded home energy tax credits IR-2023-83, Reminder: Proposed regulations related to the new clean vehicle critical mineral and battery components go into effect April 18 All News Releases on the Inflation Reduction Act Ready-to-use Articles Home energy credits: Good for the environment and your wallet Taxpayers may qualify for the new Clean Vehicle Tax Credit Taxpayers may qualify for the new Previously Owned Clean Vehicle Credit Businesses and tax-exempt organizations may qualify for the new Commercial Clean Vehicle Credit 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. Home Energy Credits Home Energy Tax Credits Energy Efficient Home Improvement Credit Residential Clean Energy Credit 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 Tax Law Changes for Businesses Corporate Alternative Minimum Tax (CAMT)PDF Repurchase of Corporate Stock Superfund Chemical Excise Taxes Reinstated Sustainable Aviation Fuel Credit Petroleum Tax – Hazardous Substance Superfund Financing Rate Reinstated Extended Fuel Tax Credits Guidance Find guidance on key tax provisions in the Inflation Reduction Act of 2022. Notices Notice 2023-44PDF, provides additional guidance to clarify and modify Notice 2023-18, 2023-10 I.R.B. 508, which established the program under § 48C(e)(1) of the Internal Revenue Code (Code) to allocate $10 billion of credits ($4 billion of which may be allocated only to projects located in § 48C(e) Energy Communities Census Tracts) for qualified investments in eligible qualifying advanced energy projects (§ 48C(e) program). Notice 2023-38PDF, proposes regulations (forthcoming proposed regulations) addressing the application of the rules that taxpayers must satisfy to qualify for the domestic content bonus credit amounts under §§ 45, 45Y, 48, and 48E of the Internal Revenue Code. Notice 2023-29PDF, describes certain rules that the Treasury Department and the IRS intend to include in the forthcoming proposed regulations for determining what constitutes an energy community as defined in § 45(b)(11)(B) and as adopted by §§ 45Y(g)(7), 48(a)(14), and 48E(a)(3)(A) and for determining whether a qualified facility, an energy project, or an energy storage technology is located in an energy community. Notice 2023-20, provides the additional interim guidance described in section 1 of Notice 2023-7, 2023-3 I.R.B. 390, that is intended to help avoid substantial unintended adverse consequences to the insurance industry from the application of the new corporate alternative minimum tax (CAMT). Notice 2023-18, establishes the section 48C(e) program to allocate $10 billion of section 48C credits ($4 billion of which may only be allocated to projects located in certain energy communities census tracts) and provides initial program guidance. Additional Notices Announcements Announcement 2023-01, Updated Reference Standard 90.1 for § 179D 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 Vehicles Proposed Regulations Federal Register: Public Inspection: Section 30D New Clean Vehicle Credit Federal Register: Additional Guidance on Low-Income Communities Bonus Credit Program More Information Inflation Reduction Act Strategic Operating Plan Laws and Regulations Inflation Reduction Act of 2022 Printable Posters and Toolkits Publication 5724, Credit for Previously Owned Clean VehiclesPDF Publication 5724-A, Credit for Clean VehiclesPDF Publication 5724-B, Credit for Commercial Clean VehiclesPDF Publication 5724-I, Clean Vehicle Credits ToolkitPDF Publication 5797, Home Energy Tax CreditsPDF Frequently Asked Questions 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
