Timeline Announced for Inflation Reduction Act Tax Implementation

The Inflation Reduction Act (IRA), which passed into law in late 2022, contained a number of provisions creating and extending tax benefits to businesses and consumers.

• On December 19, 2022, the Treasury Department announced a timeline on its implementation of the IRA stating in a press release that Treasury would publish an FAQs for consumers on the tax credit for energy efficient home improvement projects and residential energy property – which it did three days later in a Fact Sheet.

• The law was primarily a spending bill and many of the specifics regarding implementation were deferred to federal agencies for development through their guidance and rulemaking processes.

Source: https://practicalesg.com/2023/01/timeline-announced-for-inflation-reduction-act-tax-implementation/