Tax News Update    Email this document    Print this document  

October 24, 2024
2024-1955

Final rules issued for IRC Section 45X advanced manufacturing production credit for clean energy components

The IRS and Treasury department have released final regulations (TD 10010) under IRC Section 45X concerning the advanced manufacturing production credit established by the Inflation Reduction Act (IRA) to incentivize the production of eligible clean energy components in the United States. Eligible components for purposes of the credit include certain solar energy components, wind energy components, inverters, qualifying battery components and applicable critical minerals. The final regulations adopt the proposed regulations with some modifications (see Tax Alert 2023-2116). A Tax Alert is forthcoming.

* * * * * * * * * *
Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor