Fuel for Change: Tax Proposals and the Green Energy Push

With the energy-focused release of President Biden’s Fiscal Year 2022 Budget to Congress and the “Green Book,” outlining the Treasury’s analysis of Biden’s tax proposal, it is vital to understand the implications of the federal excise taxes on fuel, including the retail excise taxes imposed on diesel fuel and kerosene under I.R.C. § 4041, the retail excise tax on fuel used in commercial transportation on inland waterways under I.R.C. § 4042, and the manufacturer’s excise tax under I.R.C. § 4081. 

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Practical Guidance Updates

 Featuring the latest updates from your Practical Guidance account.  

• Tax Key Legal Developments Tracker (Federal)
  Stay informed on new developments.
  • Excise Tax: IRS issues FAQs addressing the tax credits available under the American Rescue Plan Act of 2021 by employers with fewer than 500 employees and certain governmental employers without regard to the number of employees, for qualified sick and family leave wages paid on employee leaves taken from April 1, 2021, through September 30, 2021, as well as the equivalent credits available for certain self-employed individuals. Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021: Determining the Amount of the Tax Credit for Qualified Sick Leave Wages.
  • International Tax: IRS announces that Treasury intends to amend regulations under R.C. §§ 59A and 6038A to defer the applicability date of certain provisions of the regulations relating to the reporting of section 59A qualified derivative payments (i.e., base erosion or BEAT) until taxable years beginning on or after January 1, 2023. I.R.S. Notice 2021-36
  • International Tax: Finance ministers from across the rich world hailed as “historic” an agreement on changes to international corporate tax that set a 15% minimum corporate tax as well as new rules for taxing large multinational companies. G-7 Ministers Hail Historic Tax Deal.

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