The U.S. Treasury Department is reportedly accelerating the creation of several key regulations that will enable the rollout of clean energy tax incentives outlined in President Joe Biden’s landmark climate and tax bill.
The treasury is now seeking public feedback on regulations that would oversee the U.S. government’s new and improved energy tax benefits. These include a revamped EV tax credit as well as incentives for producers of wind turbines and solar panels. The public is being asked for their responses by Nov. 4.
John Podesta, a senior White House adviser overseeing the energy guidance, informed reporters Oct. 5 the Biden administration is working hard to ensure the implementation of the bill and its incentives will be free of issues. He also noted some guidance should be ready by the end of 2022.
“We have to get implementation right. That means we need to listen, engage and move quickly to translate policy into action. We are trying to do this expeditiously. You will see some of this guidance out before the end of the year,” Podesta said, according to a Bloomberg News report.
Considering the target timeframe, the IRS would need to work faster than usual if it wants to complete the rule-writing process for the bill’s various programs. Wally Adeyemo, deputy secretary of the treasury, said in order to meet the ambitious deadlines, both his office and the IRS are rapidly expanding their staff.
With the 2024 presidential election looming in the distance, the White House is under pressure to demonstrate the economic and environmental impacts of its key policies. According to Adeyemo, the treasury is looking to write the guidance in a way that allows people to claim the tax benefits while staying within the guidelines that Congress set up to prevent the misuse of the incentives.
