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March 21, 2023

IRS issues proposed regulations on advanced manufacturing investment credit

The IRS has issued proposed regulations (REG-120653-22) implementing the advanced manufacturing investment credit (AMIC), added under the CHIPS Act of 2022 to create incentives for businesses that produce semiconductors and semiconductor manufacturing equipment in the United States. The proposed regulations affect taxpayers that claim the AMIC or make an elective payment election, as described in the regulations. Interested parties should submit comments to the IRS by May 22, 2023.

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor