These proposed regulations would address section 1.48-12 and the investment credit regulations under sections 46 and 48 of the Code, remove obsolete regulations, update the regulations to reflect statutory changes, including changes made by the TCJA, and revise certain reporting procedures related to claiming the rehabilitation credit and other investment credits. The proposed regulations would support Executive Order 14219 (Ensuring Lawful Governance and Implementing the President’s "Department of Government Efficiency” Deregulatory Initiative) by removing obsolete regulations issued under prior law, by reorganizing the investment credit regulations to reflect current law, and by updating definitions, statutory and regulatory references, and reporting procedures to reflect current law which would reduce regulatory burden for taxpayers claiming the investment credit. The proposed regulations also would support Executive Order 14154 (Unleashing American Energy) by removing obsolete rules and streamlining the regulations for taxpayers that claim certain energy credits that are components of the investment credit.