Biden’s White House Prioritizes Tax and Climate Law Regulations

TL/DR –

The Biden administration has highlighted the execution of Democrats’ 2022 tax-and-climate law as its primary tax regulatory priority for the upcoming year. This is reflected in numerous new regulatory projects released by the IRS, many of which focus on the energy provisions of the Inflation Reduction Act and US cryptocurrency brokers’ reporting transactions under the OECD’s Crypto Asset Reporting Framework. Three new energy proposed rules have been included in Biden’s list of regulations, pertaining to advanced manufacturing production credit, transfer provisions for the clean vehicle credit, and energy-efficient commercial buildings.

2022 Tax & Climate Law: Biden Administration’s Top Priorities

Implementing the Democrats’ 2022 tax-and-climate law tops the Biden administration’s tax-centred regulatory agenda for the forthcoming year. This policy includes various new regulatory projects announced recently, several of which feature in the IRS’s annual priority guidance plan published in late September.

These projects involve regulations on a few critical energy provisions of the Inflation Reduction Act and the reporting of transactions by US cryptocurrency brokers under the OECD’s Crypto Asset Reporting Framework. The administration’s list of regulations comprises only three novel energy proposals: advanced manufacturing production credit, transfer provisions for the clean vehicle credit, and the energy-efficient commercial buildings provisions.

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