Treasury to Release Guidance on Clean Energy Tax Credits by End of 2023, Addressing Supply Chain and Cost Concerns

U.S. Treasury to release more guidance on clean energy tax credits from Inflation Reduction Act by end of 2023
Guidance will cover "foreign entity of concern" rules affecting supply chains and batteries
Rules aim to deter companies from relying on Chinese supply chains
Guidance also coming on home efficiency, sustainable aviation fuel, clean power, and hydrogen credits
Strong demand for credits has increased estimated 10-year cost from initial $369 billion to possibly $1 trillion

reuters.com

Relevant topic timeline:

8/20/2023

Business Council of Canada urges PM, ministers to better position economy ahead of cabinet retreat

### Summary Business groups in Canada are urging the federal government to prioritize fiscal stability and tax incentives to compete with the US in clean energy. They are concerned about rising debt and interest rates and want the government to set a target for debt levels. The groups also want the government to implement tax incentives related to clean energy and housing, and to revise the process for approving major projects. ### Facts - 📄 Business groups in Canada are calling on the government to focus on fiscal stability and tax incentives at their cabinet retreat. - 📈 The groups want the government to set a target on debt levels and limit debt servicing costs to 10% of government revenue. - 💰 The Business Council of Canada also advocates for the implementation of tax incentives for clean energy and housing. - 🏗️ The groups want the government to revise the process for approving major projects such as mines. - 🇺🇸 Canada is concerned about competing with the US, which has already implemented large subsidies for clean energy. - ⏰ The groups are urging the government to move faster in rolling out tax credits and reforming the approvals process.

8/25/2023

U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

The US Treasury Department has proposed new tax rules for crypto exchanges, hosted wallet providers, and payment processors, requiring them to meet tax reporting obligations, while exempting miners and some decentralized finance platforms.

8/29/2023

U.S. Department of the Treasury, IRS Release Guidance on Inflation Reduction Act Provision to Ensure Good-Paying Clean Energy Jobs, Expand Clean Energy Workforce

The U.S. Department of the Treasury and the Internal Revenue Service have released proposed rules and FAQs on key provisions in the Inflation Reduction Act to ensure clean energy jobs are good-paying jobs and to build a robust pipeline of workers in the clean energy industry.

8/29/2023

China extends tax breaks for foreign workers until 2027

China's finance ministry has announced that it will extend preferential tax policies for foreign workers until the end of 2027, providing a boost to foreign companies trying to attract talent after the COVID-19 pandemic.

8/29/2023

US Treasury unveils wage, apprenticeship guidance for clean energy tax credits

The U.S. Treasury Department has issued new guidance on wage and apprenticeship requirements for clean energy projects, allowing flexibility for fixing underpayment errors and addressing concerns over labor shortages and lack of apprenticeship programs.

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Posted 9/8/2023, 9:03:00 AM

Treasury to Release Guidance on Clean Energy Tax Credits by End of 2023, Addressing Supply Chain and Cost Concerns

U.S. Treasury to release more guidance on clean energy tax credits from Inflation Reduction Act by end of 2023
Guidance will cover "foreign entity of concern" rules affecting supply chains and batteries
Rules aim to deter companies from relying on Chinese supply chains
Guidance also coming on home efficiency, sustainable aviation fuel, clean power, and hydrogen credits
Strong demand for credits has increased estimated 10-year cost from initial $369 billion to possibly $1 trillion

reuters.com

Relevant topic timeline:

8/20/2023

Business Council of Canada urges PM, ministers to better position economy ahead of cabinet retreat

8/25/2023

U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

8/29/2023

U.S. Department of the Treasury, IRS Release Guidance on Inflation Reduction Act Provision to Ensure Good-Paying Clean Energy Jobs, Expand Clean Energy Workforce

8/29/2023

China extends tax breaks for foreign workers until 2027

8/29/2023

US Treasury unveils wage, apprenticeship guidance for clean energy tax credits