Applicable Project News Today

On May 16, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-41, which modifies Notice 2023-38 (Prior Guidance) by expanding the list of...

On May 16, 2024, the Internal Revenue Service (IRS) issued further guidance (Notice 2024-41, the Additional Notice) intended to provide clarity and certainty surrounding the domestic...

Treasury Department and Internal Revenue Service IRS issue final regulations on transfer of certain credits for transferability provisions under Inflation Reduction

On May 16, 2024, the Department of the Treasury and the IRS announced the release of Notice 2024-41, which clarifies the safe harbor for classification of project components created in ...

On May 16, 2024, the Internal Revenue Service (IRS) published Notice 2024-41 (Notice), which modifies Notice 2023-38 (Prior Notice) by providing a new elective safe harbor (Safe Harbor)...

Updated Internal Revenue Service IRS guidance for Inflation Reduction Act IRA Domestic Content Elective Safe Harbor, including review of notice 2024-41

A few months ago we wrote about Congress utilizing the Inflation Reduction Act of 2022 to offer bonus tax credits to certain energy facilities for meeting specified "domestic content" requirements.

The Treasury Guidance adopts the phrase Applicable Project to identify those qualified facilities, energy projects, and investments that are subject to the domestic content tax credit under 26 C.F.R. Sections 45, 45Y, 48, and 48E.

On May 12, 2023, the Internal Revenue Service (IRS) issued initial guidance (Notice 2023-38, the Notice) outlining how taxpayers can qualify for the domestic content bonus credit amounts...

On May 12, the Department of Treasury and the Internal Revenue Service (IRS) issued guidance (Notice 2023-38PDF) providing clarity on how taxpayers installing wind, solar, energy...