May 12, 2023
IRS outlines domestic content bonus credit guidance for forthcoming proposed regulations
In Notice 2023-38, the IRS outlines regulations that it intends to propose on rules that taxpayers must satisfy to qualify for domestic content bonus amounts under IRC Sections 45, 45Y, 48 and 48E, which were modified or added under the Inflation Reduction Act. The IRS intends for the forthcoming proposed regulations to apply to tax years ending after May 12, 2023; taxpayers may rely on Notice 2023-38 for any qualified facility, energy project or energy storage technology that begins construction no later than 90 days after the proposed regulations are published in the Federal Register. A Tax Alert is forthcoming.
Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor