New Tax-And-Climate Law Leaves Much for Treasury to Shape

President’s Joe Biden’s economic package is now law, but the Treasury Department’s work on it is just starting.

The new tax-and-climate law gives Treasury the authority to write regulations that will be needed to answer key questions about a host of the law’s provisions: What will and won’t count as part of a company’s “book” income, which will be subject to a new minimum tax? What type of transactions will be considered stock buybacks, which the law also taxes? What requirements must companies meet to qualify for the law’s clean-energy tax credits?

“I think they’re going to have their hands ...