Treasury timeline for providing guidance on “Inflation Reduction Act” tax provisions
Before year’s end, Treasury will provide information on tax provisions of the “Inflation Reduction Act of 2022.”
Treasury will provide information on tax provisions of “Inflation Reduction Act”
The U.S. Treasury Department today issued a release announcing that before year’s end, Treasury will provide the following information on tax provisions of H.R. 5376, commonly called the “Inflation Reduction Act of 2022” (IRA):
- “Frequently asked questions” (FAQs) for consumers on the tax credit for energy efficient home improvement projects and residential energy property
- Initial guidance on the corporate alternative minimum tax (CAMT)
- Initial guidance on the excise tax on stock buybacks
Before year’s end, Treasury also intends to release information on the anticipated direction of the critical mineral and battery component requirements that vehicles must meet to qualify for tax incentives in the IRA. The information will help manufacturers prepare to be able to identify vehicles eligible for the tax credit when the new requirements go into effect.
Treasury will issue a notice of proposed rulemaking in March 2023 with proposed guidance on the critical minerals and battery components requirements. By statute, the critical mineral and battery component requirements take effect only after Treasury issues that proposed rule. Additional guidance on clean vehicles for consumers and manufacturers is forthcoming.
For more information on tax provisions in the IRA, read a KPMG report Analysis and observations: Tax law changes in the “Inflation Reduction Act of 2022” [PDF 1.5 MB] (73 pages)
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.