The Department of the Treasury and the IRS have been releasing guidance over the past few months on a range of provisions from the Inflation Reduction Act (IRA), with much more to come. The IRS notes that the IRA is a 10-year plan and that while changes won’t happen immediately, they are hoping to implement the law as rapidly as possible.
The recent guidance includes issues such as insurance providers on alternative minimum tax, the qualifying advanced energy project credit, energy projects for low-income communities, and clarifications on clean vehicle credits.