Section 13701 of Public Law 117-169, 136 Stat. 1818 (August 16, 2022), commonly known as the Inflation Reduction Act of 2022 (IRA) added new section 45Y, the clean electricity production credit, to provide a tax credit for electricity produced by the taxpayer at a qualified facility and either (1) sold by the taxpayer to an unrelated person during the taxable year, or (2) in the case of a qualified facility which is equipped with a metering device which is owned and operated by an unrelated person, sold, consumed, or stored by the taxpayer during the taxable year.  Section 45Y(f) requires the issuance of guidance regarding implementation of section 45Y, including calculation of greenhouse gas emission rates for qualified facilities and determination of clean electricity production credits under section 45Y.  This guidance will be issued to satisfy that statutory mandate.

Section 13702 of the IRA added 48E, the clean electricity investment credit, to provide an investment tax credit for qualified property. Section 48E(i) requires the issuance of guidance regarding implementation of section 48E.  This guidance will be issued to satisfy that statutory mandate.

On October 24, 2022, Notice 2022-49 was published in I.R.B. 2022-43, requesting comments on issues arising under several provisions, including sections 45Y and 48E.