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04 December 2024

Final regulations issued on eligible energy property for IRC Section 48 investment tax credit

The IRS and Treasury Department have released final regulations (TD 10005) relating to the types of energy property that qualify for the IRC Section 48 investment tax credit, incorporating changes made by the Inflation Reduction Act of 2022 and clarifying issues such as those concerning offshore wind farms, geothermal heat pumps, biogas property, ownership of energy property, co-located energy storage and hydrogen storage. The final regulations adopt the proposed regulations (see Tax Alert 2023-1936) with some modifications. A Tax Alert is forthcoming.

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

Document ID: 2024-2210

 

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