The Treasury is seeking public input in implementing the Depreciation Act | Whuff News


The Treasury is today issuing six requests for comment on key proposals to reduce energy costs, tackle climate change

WASHINGTON, DC – The US Department of the Treasury and the Internal Revenue Service (IRS) today released six Notices soliciting public input on key climate and clean energy tax incentives in the Affordable Care Act. The announcements mark the first major step in the formal process of implementing the landmark legislation, which positions the United States to meet President Biden’s climate goals while creating good-paying jobs, lowering household costs, and strengthening the nation’s energy security. Nearly three-quarters of the climate change investment in the Tax Cuts Act – $270 billion – is provided through tax incentives, putting Treasury ahead of this important legislation.

“The Inflation Reduction Act addresses the climate crisis and strengthens President Biden’s historic effort to encourage the energy sector to drive investment and sustainable economic growth while lowering costs for American families,” said Treasury Secretary Janet L. Yellen. “The Department of Treasury is ready to meet the responsibilities that will come with the implementation of this law and looks forward to working with stakeholders and the public that will benefit from the provisions of the law.”

The Notices seek initial public input on specific questions, as well as general comment requests. While the public will have more opportunities to provide input as the implementation process continues, the Notices issued today provide an early opportunity for stakeholders to submit information that can help inform Treasury and the work of the IRS. Asking for additional input at this early stage will help speed up the process of providing information and certainty to taxpayers.

The Treasury Office also issues a fact sheet that includes additional information about Notices and Treasury and the IRS enforcement process.

In implementing the historic climate and clean energy provisions in the Affordable Care Act, Treasury will be guided by three key principles:

  • Robust Public Engagement: The Treasury will engage a wide range of taxpayers and stakeholders to inform guidance and policy-making.. With the release of Notices today, the Treasury has begun a process of soliciting public input on key benefits. In the coming weeks, the Treasury will convene several first stakeholder roundtables to hear directly from a wide range of voices.
  • Clarity and Certainty: The Treasury will work quickly to provide clarity and certainty to taxpayers, so the climate and economic benefits of this historic legislation can be felt as soon as possible.. For example, in August, the Treasury and the IRS immediately released the first guidance on the electric vehicle tax credit and worked closely with the Department of Transportation and the Department of Energy so that taxpayers can easily find a list of eligible vehicles online.
  • Sound Advocacy: The Treasury will work closely with the IRS to put effective oversight and reporting in place to ensure that benefits are delivered as Congress intended.. The Treasury is committed to ensuring that the majority of eligible taxpayers benefit from the incentives provided by the law while preventing fraud and abuse.

The six Notices issued today can be found below.

Notices can be accessed at CleanEnergy.gov. Those interested in providing feedback should follow the instructions in the Notice and respond as soon as possible, by November 4, 2022.

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