Finally! IRS Issues Guidance on Domestic Content IRA Tax Credit “Adder”
Author: Casey S. August.; Andreas N. Andrews.; Katelyn N. Hilferty.; M. Jared Sanders.
Source: Volume 40, Number 04, Summer 2023 , pp.3-13(11)
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Abstract:
The Internal Revenue Service and U.S. Department of the Treasury released Notice 2023-38 on May 12, 2023, which establishes rules for testing an applicable “green” energy facility’s eligibility for a bonus federal income tax credit amount, as enacted under the Inflation Reduction Act of 2022, attributable to the steel, iron, or manufactured product that is a component of such facility being produced in the United States.Keywords: domestic content; investment tax credit (ITC); production tax credit (PTC); “adder”; Inflation Reduction Act; Notice 2023-38
Affiliations:
1: Morgan, Lewis & Bockius LLP; 2: Morgan Lewis; 3: Morgan Lewis; 4: Morgan Lewis.