On December 19, 2022, Treasury announced a timeline for releasing information on certain tax provisions of the Inflation Reduction Act (IRA). As set forth in the announcement, Treasury will provide the following information before the end of 2022:

 

• 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 
 

• Initial guidance on the excise tax on stock buybacks 

 

Before the end of 2022, Treasury will also release information on the critical mineral and battery component requirements that vehicles must meet to qualify for clean vehicle tax credit incentives under IRC Section 30D. Further, Treasury announced that it will issue a notice of proposed rulemaking in March 2023 with proposed guidance on the critical minerals and battery components requirements. The notice states that “by statute, the critical mineral and battery component requirements take effect only after Treasury issues that proposed rule.” 

 

The Treasury announcement also includes links to information previously published by Treasury with respect to the IRA.