Rev. Proc. 2022-40 modifies Rev. Proc. 2016-37, 2016-29 IRB 136, which, in part, provides the circumstances under which a plan sponsor may submit a determination letter application to the Internal Revenue Service with respect to a qualified individually designed plan, to permit the submission of determination letter applications for section 403(b) individually designed plans. This revenue procedure also (1) incorporates modifications of Rev. Proc. 2016-37 set forth in Rev. Proc. 2019-20, 2019-20 IRB 1182, relating to the submission of determination letter applications for a determination with respect to qualified merged plans, (2) clarifies and modifies the provisions of Rev. Proc. 2019-39, 2019-42 IRB 945, that relate to the remedial amendment period for section 403(b) individually designed plan form defects first occurring after June 30, 2020, (3) extends the expiration of the remedial amendment period for new qualified individually designed plans, (4) modifies the circumstances under which a plan is considered to have been issued an initial plan determination, and (5) modifies the scope of review of qualified individually designed plans submitted under the determination letter program.

26 CFR § 601.201: Rulings and determination letters.

(Also Part I, §§ 401; 1.401(b)-1; 403(b).)

This announcement contains a correction to Notice 2022-41, 2022-43 I.R.B. 304 (Oct. 24, 2022), which contains a typographical error in the “GUIDANCE” section. This announcement corrects that error. Notice 2022-41 corrected.

Section 995 - Taxation of DISC Income to Shareholders. 2022 Base Period T-Bill Rate. The “base period T-bill rate” for the period ending September 30, 2022 is published as required by section 995(f) of the Internal Revenue Code.

Section 45W, as added by the IRA, provides a credit for purchasing and placing in service qualified commercial clean vehicles during a taxable year. The amount of the credit shall be the lesser of 15 percent of the basis of such vehicle (30 percent in the case of a vehicle not powered by a gasoline or diesel internal combustion engine), or the incremental cost of such vehicle, as defined in § 45W(b)(2). The amount of the credit shall not exceed $7,500 in the case of a vehicle which has a gross vehicle weight rating of less than 14,000 pounds, and $40,000 for all other vehicles. Section 30C provides a credit for the cost of qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year. Section 30C(a) allows a credit in an amount equal to 30 percent (6 percent in the case of property of a character subject to depreciation) of the cost of any qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year. The IRA increased the limitation of the credit from $30,000 to $100,000 in § 30C(b).

This notice requests comments on general as well as specific questions pertaining to issues arising under § 45Q due to changes made by Public Law 117-169, 136 Stat. 1818 (August 16, 2022), commonly known as the Inflation Reduction Act od 2022 (IRA), to help to inform development of future guidance implementing those changes.

Following enactment of Public Law 117-169, 136 Stat. 1818 (August 16, 2022), commonly known as the Inflation Reduction Act of 2022 (IRA), this notice requests comments related to the clean hydrogen and clean fuel provisions under §§ 45V and 45Z of the Internal Revenue Code. Comments received in response to this notice will help to inform development of guidance implementing §§ 45V and 45Z.