Treasury seeking input on climate law's $270B of tax incentives
The Treasury Department said it's moving quickly to transform new and expanded tax credits in the big climate law into formal guidance that's important for spurring use of the incentives.
Driving the news: Treasury yesterday solicited public comment within 30 days on a slew of areas like subsidies for renewable power, manufacturing and more.
- It includes calls for input on specific topics like labor and domestic content rules linked to the subsidies.
Why it matters: Various kinds of tax incentives are meant to be the biggest muscles in the law — they represent $270 billion of the roughly $370 billion of the climate and energy investments.
- But Treasury's efforts to transform the statutory language into more granular guidance are key for project developers and other companies.
What we're watching: "The goal to complete the rule-writing process for some programs in the coming months means that the Internal Revenue Service will have to move much more rapidly than normal," Bloomberg reports.