IRS and Treasury Introduce Regulatory Plan
While most of the political establishment in the nation’s capital is focused on the midterm congressional elections, federal agency staff are still moving forward on developing regulations from legislation enacted this year. The U.S. Department of the Treasury and the Internal Revenue Service last Friday issued their Priority Guidance Plan for 2022-2023, detailing their top regulatory priorities for the next year.
A major focus of the plan is the clean-energy tax provisions contained in the Inflation Reduction Act that was passed by Congress in August. These include measures on tax credits for electric vehicles, clean-energy manufacturing, and energy-efficiency incentives for commercial real estate and other industries. The plan also includes projects on the newly enacted corporate alternative minimum tax, the tax on corporate stock repurchases, and manufacturing incentives for the semiconductor industry.
The Treasury Department and the IRS will update the plan during the year to add additional items that become priorities as a result of legislative developments, or as a result of input from public comments on proposed regulations.