As always, do you or own research, grain of salt, etc. - but here's more (possibly useless
) speculation about the forthcoming guidance .
- In
Notice 2023-1 the IRS said they intend to issue
proposed regulations for the new battery requirements. As noted in my prior posting, proposed regs require review by OMB - so I've been watching the OMB dashboard to see when the Proposed Regs are submitted to them for review.
- In light of the IRS now saying the guidance will be released next week, I dug a little deeper to see if it this HAS to be in the form of proposed regulations, vs other guidance such as an IRS Notice - which would not require OMB review. Per the IRS white paper: "Pursuant to the statutory rules in the Inflation Reduction Act, the critical mineral and battery component requirements apply to vehicles placed in service after Treasury and the IRS issue
proposed guidance on these requirements."
- The IRA says the following about the guidance (which was supposed to have been issued by 12/31/22): "The Secretary shall issue
such regulations or other guidance as the Secretary determines necessary or appropriate to carry out the purposes of this subsection . . . . "
So now that IRS has said this is coming out next week, maybe they are planning to issue another Notice (or other form of guidance) that will not require OMB review. Looks like we will find out by next Friday.