The U.S. Department of Treasury and Internal Revenue Service (IRS) yesterday jointly announced their 2009-2010 Priority Guidance Plan. The Plan contains 315 projects to be completed from July 2009 through June 2010, and addresses a variety of issues, including recent legislation and the current economic environment. Some notable priorities included in the Plan are:
- Final regulations under section 42 on the requirements for a qualified contract;
- Guidance for the low-income housing credit under section 42 relating to sections 1404 (TCAP) and 1602 (Exchange) of the American Recovery Reinvestment Tax Act of 2009;
- Regulations concerning utility allowances under section 42(g)(2)(B)(ii) for sub-metered buildings;
- Guidance under section 45 on the definition of refined coal;
- Guidance concerning the credit for production from advanced nuclear power facilities under section 45J; and
- Guidance relating to the reimbursement of the costs of specified energy property under section 1603 of the American Recovery and Reinvestment Tax Act of 2009.
Treasury and the IRS intend to update the Priority Guidance Plan throughout the year, as additional guidance is published, and invite public comment and suggestions.
