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Exclusive: Treasury's IRA message

Jael Holzman
Aug 16, 2023
Photo of Treasury building

Delete imagePhoto: Saul Loeb/AFP via Getty Images

A new memo from the Treasury Department lays out the Biden administration's approach to telling the IRA's story.

Why it matters: The document, shared exclusively with Axios ahead of its release, repeatedly hammers home a three-pronged talking points plan: jobs, security and benefits for the climate.

Driving the news: Treasury's one-year IRA anniversary memo outlines the next steps for executing on the president's signature climate law in broad strokes.

  • Treasury will complete its first "phase" of IRA implementation "in the coming weeks," per the memo. We expect the law's prevailing wage requirements to be dealt with in that last sprint.
  • They're fresh off of providing a lot more detail on the low-income communities bonus tax credit for solar and wind projects.
  • Then in September, Treasury will "announce plans for phase two of implementation."
  • No new details were given on hot-button items like the 45V hydrogen credit or the sourcing requirements for the 30D "clean vehicle" credit.
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