Notice 2023-51, page 362.

This notice publishes the inflation adjustment factor and reference price for calendar year 2023 for the renewable electricity production credit under section 45 of the Internal Revenue Code. The 2023 inflation adjustment factor and reference price are used in determining the availability of the credit and apply to calendar year 2023 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources. This notice also provides the credit amounts for calendar year 2023 under section 45.

T.D. 9976, page 354. This document contains final regulations that finalize, in part, proposed regulations issued on Oct. 9, 2019. The proposed regulations were published to facilitate an orderly transition in connection with the discontinuation of London interbank offer rates (LIBOR) and other IBORs. One issue addressed by those proposed regulations was to propose an alternative interest rate (specifically, yearly average Secured Overnight Financing Rate (SOFR)) for the election provided by § 1.882-5(d)(5)(ii) (B) (the published rate election). Generally, § 1.882-5 provides rules for determining the amount of a foreign corporation’s interest expense that is allocable to its income effectively connected with the conduct of a U.S. trade or business. The published rate election permits a foreign bank to elect to use the 30-day USD LIBOR rate to compute the interest expense attributable to its excess U.S.-connected liabilities. A comment to the proposed regulations asserted that SOFR was not an appropriate replacement for 30-day USD LIBOR and recommended that finalization be delayed until a suitable replacement could be identified. In July 2022, a comment recommended using the average published one-month Term SOFR plus a static spread adjustment of 0.11448%. This final regulation adopts that recommendation.