Technical Guidance

Announcement-2022-23 notifies taxpayers of new credit amounts for calendar year 2022 for the renewable electricity production credit under section 45 of the Internal Revenue Code (section 45 credit) in the case of any qualified facility placed in service after Dec. 31, 2021. Because the Inflation Reduction Act changed the manner in which the section 45 credit amounts are calculated in the case of any qualified facility placed in service after Dec. 31, 2021, this announcement supplements the section 45 credit amounts as originally published in Notice 2022-20, 2022-21 I.R.B. 1095.

Notice 2022-59 provides that the adjusted applicable dollar amount that applies for determining the PCORTF fee for policy years and plan years ending on or after Oct. 1, 2022, and before Oct. 1, 2023, is $3.

Notice 2022-60 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for November 2022 used under section 417(e)(3)(D), the 24-month average segment rates applicable for November 2022, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2022-39 obsoletes and replaces existing Revenue Procedure 94-69, 1994-2 C.B. 804. Rev. Proc. 2022-39 prescribes special procedures for certain eligible LB&I taxpayers who are subject to nearly annual examinations to file a qualified amended return shortly after the opening of an audit.

Revenue Ruling 2022-22 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274.