 Internal Revenue Service IRS tax news IRS and Treasury provide guidance on the qualifying advanced energy project credit Advanced energy project. When did they pass that law? Let's do a bit of research here Google Was there a bill recently passed titled energy project credit or something like that? Honestly, I know this energy thing is important, but I really wish they focused on the more immediate problem of reducing inflation But whatever, let's just keep searching here. It's so strange I don't I don't see anything in here with a bill titled something like the energy the energy credits or anything like wait a second This thing was inside a bill that was called the inflation Reduction Act, but what does that have to do? What is that? Okay? Okay fine Okay fine, but but when are they gonna pass the energy credits act or something focused on you know Reducing inflation because that seems like the more immediate concern at the moment. Does it not? Anyways in other news After the train derailment spilling toxic chemicals everywhere Pete Buddha Tej Amazing secretary of transportation may pass a drinking water Decontamination bill which I presume will provide funding for new solar panel construction in China A bill sure to make residents feel more secure about their safety So no worries people. We've got the best man on the job here his resume Although void of transportation credentials contains the top qualification ever trumping mere experience now You may think the secretary of transportation didn't do much during that supply chain issue in the harbor But that's just because he was on paternity leave To support his husband through the pains of like child adoption or whatever, you know So that makes sense But this time he's on the job man. So no worries Meanwhile, we have to receive the expected response from the administration which confirms Without a doubt the stuff they've been shooting at are indeed aliens No indication of aliens or extraterrestrial activity with these recent takedowns again There is no indication of aliens or terrestrial activity with these recent takedowns. You see that's exactly the response You'd expect just before we hear something crazy like the secretary of transportation using his skills to land his dream job leading the space alien abduction effort using his skills as like transportation expert that is you know because like You need to transport the abducted people before like, you know the probing space aliens don't eat me I have a wife and kids eat them silent. My name is Kang and this is my sister Kodos. Hello I suppose you want to probe me. Well, please well get it over with stop We have reached the limits of what rectal probing can teach us Honestly, it's like we need Martin Luther King back to remind us Judge based on the content of their character when hiring Judge based on the competence of the candidate not based on the contemptuous categories. You've crammed everyone into Otherwise, the whole thing may turn into like a train wreck with deadly chemicals flying everywhere But whatever, let's get on to the news. I are 2023-27 February 13th 2023 Washington the Department of the Treasury and the Internal Revenue Service today provided guidance following the enactment of the Inflation Reduction Act to establish a program to allocate credits for qualified investments and eligible qualifying advanced energy projects That'll keep inflation down not Notice 2023-18 there's a link to that here establishes the section 48 CE program to allocate $10 billion and credit $4 billion of which may only be allocated to projects located in certain energy communities Senses tracks so the notice also provides initial program guidance the Treasury Department and the IRS anticipate allocating four billion dollars of section 48 C credits in the first Allocation round with approximately one point six billion dollars of these credits to be allocated to projects located in certain energy Communities 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 48 C credits definitions of qualifying advanced energy projects and the procedures for Allocating the credits so the Treasury Department and the IRS will issue additional guidance by May 31st 2023 to provide more details regarding information Applicants will be required to submit to request a credit allocation So you got more information may be found on the Inflation Reduction Act 2022 there's a link to that so if you want to dig down on to this in more detail There's links to that here. It's on irs.gov. Of course, there'll be a link to this in the description You