13 February 2023 IRS issues guidance establishing tax credit program for qualifying advanced energy projects The IRS has announced (IR-2023-27) new guidance (Notice 2023-18) that establishes a program under IRC Section 48C(e) to allocate $10 billion in tax credits for qualified investments in eligible qualifying advanced energy projects; $4 billion of the credits must be allocated to projects located in certain energy communities census tracts. The new program was authorized under the Inflation Reduction Act. The IRS will issue more detailed guidance by May 31, 2023. A Tax Alert is forthcoming. Document ID: 2023-0273 |