Eyes on Energy Tax Update is a regular publication of the Holland & Knight Energy Tax Team that provides highlights of important energy tax developments. The Energy Tax Team also publishes more in-depth publications on certain developments. To subscribe to these publications, please add yourself to our Renewable Energy list.
The first quarter of 2023 featured continued energy tax developments as a result of the enactment of the Inflation Reduction Act of 2022 (IRA), court activity and announcements from federal agencies. Below, we summarize the energy tax updates you need to know.
IRS Rulings and Guidance
Following enactment of the IRA, a plethora of related guidance continued to be released by the U.S. Department of the Treasury and IRS.
- The Treasury Department and IRS released proposed regulations under the Section 30D new clean vehicle credit. The proposed regulations provide guidance with respect to the critical mineral and battery component requirements. More information on the proposed regulations are available in Holland & Knight's previous alert, "Treasury Department, IRS Release Clean Vehicle Tax Guidance," April 12, 2023.
- In March 2023, the IRS updated frequently asked questions related to Section 30D (new clean vehicle credit), Section 25E (previously owned clean vehicle credit) and Section 45W (qualified commercial clean vehicles credit). The IRS also released the vehicles qualifying for the Section 30D credit.
- In Notice 2023-18, the Treasury Department and IRS provided initial program guidance for implementation of the Section 48C program. In the notice, the IRS...
