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ARTICLE · 09 OCTOBER 2023

Current Year IRS Priority Guidance Plan Highlights Energy Transition

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On September 29, 2023, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) released their 2023–2024 Priority Guidance Plan (the Plan).

United StatesEnergy and Natural Resources
Steven J. Lorch
Steven J. Lorch
Elizabeth McGinley
Elizabeth McGinley

On September 29, 2023, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) released their 2023–2024 Priority Guidance Plan (the Plan). The Plan describes the various guidance priorities of the IRS and Treasury for the period from July 1, 2023 through June 30, 2024 (the Plan Year).

The Plan describes many guidance projects that relate to the implementation of the energy transition credits (the Credits) under the Inflation Reduction Act of 2022 (the IRA), including the following:

  • Guidance regarding the sustainable aviation fuel credit (Section 40B of the Internal Revenue Code of 1986, as amended (the Code));1
  • Guidance regarding the carbon oxide sequestration credit (Section 45Q of the Code);

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