March 9, 2023
IRS provides guidance on determining production credit for advanced nuclear power facilities
New IRS guidance (Notice 2023-24) provides rules for determining the production credit for advanced nuclear power facilities under IRC Section 45J and procedures for taxpayers to apply for allocations of the unutilized national megawatt capacity limitation (NMCL). The notice provides procedures for a "qualified public entity" to elect to transfer all or part of an IRC Section 45J credit to an "eligible project partner."
Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor