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-2023-30, IRS and Treasury provide guidance for insurance providers on alternative minimum tax under the Inflation Reduction Act IR-2023-27, IRS and Treasury provide guidance on the Qualifying Advanced Energy Project Credit IR-2023-26, Treasury and IRS provide guidance on energy projects for low-income communities IR-2023-18, IRS issues guidance and updates frequently asked questions related to new, previously owned and qualified commercial clean vehicle credits IR-2022-233, Treasury, IRS issue guidance on the incremental cost for the Commercial Clean Vehicle 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. Home Energy Credits Energy Efficient Home Improvement Credit and Residential Clean Energy Property CreditPDF 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 2023-20PDF, 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 2023-18PDF, 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. Notice 2023-17PDF, establishes the program to allocate environmental justice solar and wind capacity limitation, as required under § 48(e) of the Internal Revenue Code. This notice also provides initial program guidance for potential applicants for allocations of calendar year 2023 capacity limitation. Notice 2023-16, updates Notice 2023-1 by changing the vehicle classification standard by which vans, sport utility vehicles, pickup trucks, and other vehicles are defined. Notice 2023-09, 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 2023-07, 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. 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 More Information Laws and Regulations Inflation Reduction Act of 2022 Printable Posters (Quick Reference Sheets) Publication 5724, Credit for Previously Owned Clean VehiclesPDF Publication 5724-A, Credit for Clean VehiclesPDF Publication 5724-B, Credit for Commercial Clean VehiclesPDF 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
