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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...
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...
The Notice provides a safe harbor for the classification of certain project components typically found in utility-scale photovoltaic systems, land-based wind facilities...
On 12 May 2023, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released guidance for the domestic content bonus credit under Sections 45, 45Y, 48, and 48E of the Internal Revenue Code (Code).
Notice 2023-38 provides long-awaited and much-needed guidance for taxpayers seeking to capitalize on the IRA’s bonus credits for renewable energy projects. However, these guidelines are not yet finalized as rules.