Acquiescence to the holding that § 4611(b)(1)(A) imposes a tax on exports in violation of the Export Clause of the United States Constitution, U.S. Const. art. I, § 9, cl. 5. Although the Service disagrees with the decision, in the interest of sound tax administration, it will follow the decision in all circuits.

This notice establishes the program to allocate environmental justice solar and wind capacity limitation, as required under § 48(e) of the Internal Revenue Code. This notice also provides initial program guidance for potential applicants for allocations of calendar year 2023 capacity limitation. This initial guidance provides the general eligibility requirements, a description of the four statutory facility categories for which an eligible facility may request an allocation, amounts of capacity limitation reserved for each facility category, a general description of the program design and goals, the application review process, and the proposed timeline for opening two 60-day application periods in 2023 based on project categories.

The notice establishes the section 48C(e) program to allocate $10 billion of section 48C credits ($4 billion of which may only be allocated to projects located in certain energy communities census tracts) and provides initial program guidance. The Department of Treasury (Treasury Department) and the Internal Revenue Service (IRS) anticipate allocating $4 billion of section 48C credits in the first allocation round, with approximately $1.6 billion of these credits to be allocated to projects located in certain energy communities census tracts. The Treasury Department and the IRS will allocate the remaining credits in future allocation rounds. This notice also provides the general rules for determining the section 48C credit, definitions of qualifying advanced energy projects, and the procedures for allocating the credits.

This notice provides interim guidance to insurance companies and certain other taxpayers related to their determination of adjusted financial statement income (AFSI) for purposes of the corporate alternative minimum tax, as added to the Code by the Inflation Reduction Act of 2022. This notice provides interim guidance for the determination of AFSI as it relates to (1) variable contracts and similar contracts, (2) funds withheld reinsurance and modified coinsurance agreements, and (3) the basis of certain assets held by certain previously tax-exempt entities that received a “fresh start” basis adjustment.

Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for March 2023.

(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)