IRS's Implementation of the Advanced Manufacturing Production Credit

New report: Review of the Advanced Manufacturing Production Credit Implementation Identified Weaknesses in the Pre-Rulemaking Process Why did we do this audit? The Inflation Reduction Act established the Advanced Manufacturing Production Credit (AMPC), which along with related provisions, aims to foster a manufacturing base that supports renewable energy industries. The Joint Committee on Taxation estimated that $31 billion would be distributed through the AMPC from 2022 to 2031. We did this audit to evaluate the IRS's efforts to implement the AMPC and related provisions.    What did we find? The IRS's Office of Chief Counsel's procedures for processing public comments need to be improved. In October 2022, the IRS issued two notices and requested public comments on newly established Internal Revenue Code sections related to the AMPC.  The IRS used two separate methods for documenting its review and consideration of public comments, neither of which used formalized processes. As a result, we found some instances where public comments weren't documented.    Read the full report for more findings Having trouble viewing this email? View it as a Web page.

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