View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

TREAS/IRS RIN: 1545-BO40 Publication ID: Spring 2024 
Title: Definition of Qualifying Energy Property, Section 48 Investment Tax Credit 
Abstract:

This project was initiated to provide new and updated definitions at section 1.48-9 of the Income Tax Regulations for energy property eligible for the energy credit under 26 U.S.C. 48. Due to statutory amendments, Treasury Regulation section 1.48-9 does not currently reflect 26 U.S.C. section 48. Public Law 117-169, 136 Stat. 1818 (August 6, 2022), commonly known as the "Inflation Reduction Act", which made several changes to what is included in energy property under section 48. In addition to the updates to section 1.48-9 on the definition of energy property, these regulations also provide other rules applicable to energy property, such as rules for dual use property, application of the 80/20 Rule to retrofitted energy property, and eligibility of off-site components of energy property. Additionally, proposed section 1.48-13 provides rules relating to the increased credit amount for prevailing wage and apprenticeship. Proposed section 1.6418-5(f) provides for notification and impact of recapture under section 48(a) (10)(C) of the Code.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1.48-9    26 CFR 1.48-13    26 CFR 1.48-14    26 CFR 1.6418-5   
Legal Authority: 26 U.S.C. 48    26 U.S.C. 6418    26 U.S.C. 7805   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/22/2023  88 FR 82188   
NPRM Comment Period End  01/22/2024 
Public Hearing  02/20/2024  89 FR 12795   
Public Hearing  02/21/2024  89 FR 12795   
NPRM Comment Period End Extension  03/25/2024  89 FR 13293   
Reviewing Comments  07/00/2024 
Additional Information: REG-132569-17 (NPRM) Drafter attorney: Martha Garcia (202) 317-6853, Boris Kukso (202) 317-6853 Reviewer attorney: Caroline Hay (202) 317-6850 Treasury attorney: Kimberly Wojcik (202) 819-5365 and Jennifer Bernardini (202) 622-6473 CC:PSI
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Martha M. Garcia
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW,
Washington, DC 20224
Phone:202 317-5123
Email: martha.m.garcia@irscounsel.treas.gov

Boris Kukso
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW,
Washington, DC 20224
Phone:202 317-6853
Email: boris.kukso@irscounsel.treas.gov