Treasury releases 2022 year-end guidance timeline

TAX ALERT | December 21, 2022

Authored by RSM US LLP

Executive summary: Treasury to release clean-energy incentive guidance 

The U.S. Department of the Treasury recently announced the timing of some future Inflation Reduction Act (IRA) clean energy incentive guidance. Treasury’s recent press release indicates that by the end of the year they intend to release guidance related to several provisions within the IRA. 

Treasury releases 2022 year-end guidance timeline

Treasury on Dec. 19, 2022, issued a press release providing its intended timeline for the release of awaited guidance for implementation of the Inflation Reduction Act. Guidance for energy-related incentives is included in the timeline. Prior to the end of the year, Treasury intends to release the following: 

  • Preliminary guidance related to the corporate alternative minimum tax (CAMT)
  • Guidance related to the excise tax on stock buybacks 
  • The anticipated direction of critical mineral and battery component requirements for determining the amount of the new clean vehicle credit for certain vehicles
  • FAQs for consumers regarding the tax credit for energy efficient home improvement projects and residential energy property 

In March 2023, Treasury plans to release a notice of proposed rulemaking (NPRM) for critical minerals and battery component requirements. Until that proposed guidance is released, the critical minerals and battery components requirements are not effectuated. Treasury also confirmed its intent to release additional guidance for buyers and manufacturers of clean vehicles. 

This month, Treasury also released the Inflation Reduction Act Guidebook to the IRA’s clean energy provisions.  This comprehensive document sets forth explanations of the tax incentives and other programs related to clean energy.  

Specifically, it provides an overview of the clean energy, climate mitigation and resilience, agriculture and conservation-related tax incentives and investment programs in the IRA, including who is eligible to apply for funding and for what activities. Treasury will publish new developments to keep stakeholders and potential beneficiaries of these programs up to date on the latest deadlines and details.

Washington National Tax takeaways 

One of the most frequently asked questions from businesses is when will guidance on the IRA be issued? The Treasury press release begins to answer this question by setting forth an initial timeline of the top IRA priorities.  

Since the IRA was signed into law, Treasury has worked to write the necessary rules to implement the IRA. Guidance has steadily been released in the last five months of 2022. Secretary Janet Yellen and Deputy Secretary Wally Adeyemo solicited input from the public and key stakeholders. Treasury is still in the process of working through thousands of public comments from various stakeholders in both the private and public sectors. 

To date, Treasury has released guidance on the following topics:

Treasury is working to determine potential issues taxpayers may have when claiming and substantiating various energy-related incentives. Several items of anticipated energy-related guidance were not included in Treasury’s year-end timeline. Guidance yet to be issued ranges from definitions and clarifications to procedures to the establishment of programs for the qualifying advanced energy project credit and the allocation of capacity limitations for environmental justice solar and wind projects. 

The issuance of additional guidance in early 2023 is anticipated due to effective dates for incentives and statutory requirements that guidance on certain topics be issued not later than 180 days after the enactment of the IRA.  Additionally, it is expected that guidance on the monetization provisions for the energy incentives (the so-called direct pay provision and the transferability provision) is also a priority.  

In order to prevent invalid claims for various incentives, claimants must watch for forthcoming guidance from the Treasury at the end of 2022 and in the new year. Eligible claimants should consult with their tax advisor on the various energy incentives to ensure compliance with the provisions.  

Let's Talk!

Call us at +1 213.873.1700, email us at or fill out the form below and we'll contact you to discuss your specific situation.

  • Topic Name:
  • Should be Empty:

This article was written by Deborah Gordon, Brent Sabot and originally appeared on 2022-12-21.
2022 RSM US LLP. All rights reserved.

The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.

​Vasquez & Company LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.

Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.

For more information on how ​Vasquez & Company LLP can assist you, please call +1 213.873.1700.

Subscribe to receive important updates from our Insights and Resources.

  • Should be Empty: