The U.S. IRS has announced the issuance of proposed regulations defining energy property for the investment tax credit under section 48 (ITC). --- Treasury and IRS issue proposed regulations defining energy property WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating rules for the investment tax credit under section 48 (ITC) that have been unchanged since 1987. The proposed rules update the types of energy properties eligible for the section 48 ITC, reflecting changes in the energy industry, technological advances, and updates from the Inflation Reduction Act of 2022 (IRA). Energy industry...