The Inflation Reduction Act introduced transferable federal energy tax credits, with guidance for implementation released mid-2023. This clarifies the process for transferring energy-related tax credits and aims to promote growth in the clean energy sector.
The IRS recently released updated guidance for the 45L Energy Efficient Home Credit. Clarification for key definitions, certification requirements, and recordkeeping has been included in Notice 2023-65.
The Inflation Reduction Act modified or introduced several energy efficient tax incentives, like the newly created Section 48(e) renewable energy investment tax credit. The base amount can be increased by several optional bonus credits.
Tax-exempt entities may monetize credits under the Inflation Reduction Act under these rules that the IRS released.
From corporate tax changes to clean energy tax credits, the 179D commercial building deduction, and more, the Inflation Reduction Act contains a myriad of tax law changes for 2023 and beyond. This article details 12 tax changes likely to impact most taxpayers.
The Inflation Reduction Act retroactively reinstated 45L for 2022 and extended the credit through 2032. For the 2022 tax year, projects follow the same eligibility rules. Beginning in January 2023, more stringent energy efficiency requirements will be in place.
A recent IRS fact sheet details requirements for the energy efficient home improvement credit and the residential clean energy property credit.
Tax planning considerations for businesses and individuals approaching the end of 2022.
Millions of Americans will avoid paying more for healthcare next year, thanks to the Inflation Reduction Act. Employers need to be aware of potentially higher penalties related to the family glitch, and individuals can take steps to project income and avoid paying back excess tax credits.
Consider state and local tax ramifications, such as nexus and filing requirements, when relocating supply chain components to build resilience.
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