-
Nov 1, 2024 | 
mondaq.com | Nicole Elliott |Joshua David Odintz |Amish Shah |Mary Nicholson
The Chips and Science Act of 2022 (CHIPS Act) added Section 48D
to the Internal Revenue Code to incentivize the manufacture of
semiconductors and semiconductor manufacturing equipment.
The Section 48D credit is generally 25 percent of the basis of
any qualified property that is part of an eligible taxpayer's
advanced manufacturing facility.
The U.S. Department of the Treasury and IRS recently released
final regulations under Section 48D, which provide helpful
clarifications.
-
Oct 30, 2024 | 
jdsupra.com | Nicole Elliott |Mary Nicholson |Joshua D Odintz
The Chips and Science Act of 2022 (CHIPS Act) added Section 48D to the Internal Revenue Code to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment. The Section 48D credit is generally 25 percent of the basis of any qualified property that is part of an eligible taxpayer's advanced manufacturing facility. The U.S. Department of the Treasury and IRS recently released final regulations under Section 48D, which provide helpful clarifications.
-
Oct 29, 2024 | 
lexology.com | Nicole Elliott |Joshua David Odintz |Amish Shah |Mary Nicholson
Highlights The Chips and Science Act of 2022 (CHIPS Act) added Section 48D to the Internal Revenue Code to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment. The Section 48D credit is generally 25 percent of the basis of any qualified property that is part of an eligible taxpayer's advanced manufacturing facility. The U.S. Department of the Treasury and IRS recently released final regulations under Section 48D, which provide helpful clarifications.
-
Oct 10, 2024 | 
mondaq.com | Nicole Elliott |Amish Shah |Mary Nicholson |Bradley Seltzer
The U.S. Department of the Treasury and IRS on Sept. 19, 2024,
released proposed regulations under Section 30C of the Internal
Revenue Code providing important clarity on the changes made by the
Inflation Reduction Act (IRA).
Section 30C, the Alternative Fuel Vehicle Refueling Property
Credit, was substantively modified as a result of the IRA. As a
result, the credit is generally 30 percent of the cost of any
alternative fuel refueling property placed in service by the
taxpayer on or before Dec.
-
Oct 8, 2024 | 
lexology.com | Nicole Elliott |Amish Shah |Mary Nicholson |Sanaa Ghanim |Bradley Seltzer |Elizabeth C. Crouse
HighlightsThe U.S. Department of the Treasury and IRS on Sept. 19, 2024, released proposed regulations under Section 30C of the Internal Revenue Code providing important clarity on the changes made by the Inflation Reduction Act (IRA). Section 30C, the Alternative Fuel Vehicle Refueling Property Credit, was substantively modified as a result of the IRA.
-
Sep 18, 2024 | 
lexology.com | Amish Shah |Mary Nicholson |Alex Lewis |Nicole Elliott |Bradley Seltzer |Elizabeth C. Crouse
The U.S. Department of the Treasury and IRS on Sept. 18, 2024, released proposed regulations under Section 30C of the Internal Revenue Code regarding the Alternative Fuel Vehicle Refueling Property Credit. The proposed regulations provide clarity on a number of issues and are open to public comment for 60 days. Section 30C was originally enacted by the Energy Policy Act of 2005 to provide a credit for the cost of qualified alternative fuel vehicle refueling property.
-
Aug 12, 2024 | 
lexology.com | Amish Shah |Beth Viola |Mary Nicholson |Alexander Lewis |Isabel Lane |Nicole Elliott
HighlightsThe IRS on July 24, 2024, released Notice 2024-60, which provides Internal Revenue Code Section 45Q guidance for utilization of carbon dioxide and other carbon oxides. The Notice addresses the information that must be included in the required life cycle analysis report (LCA Report), procedures for submitting the LCA Report and supporting information required to be provided to the IRS and U.S. Department of Energy (DOE) for review.
-
Jul 8, 2024 | 
lexology.com | Amish Shah |Nicole Elliott |Elizabeth C. Crouse |Bradley Seltzer |Mary Nicholson
HighlightsThe U.S. Department of the Treasury and IRS on June 25, 2024, finalized regulations regarding increased credit or deduction amounts for which taxpayers can qualify by meeting prevailing wage and registered apprenticeship requirements. The prevailing wage and apprenticeship requirements generally apply to the tax credits found at Internal Revenue Code Sections 30C, 45, 45L, 45Q, 45U, 45V, 45Y, 45Z, 48, 48C, 48E and the tax deduction found at Section 179D.
-
Jun 28, 2024 | 
mondaq.com | Nicole Elliott |Bryan Marcelino |Mary Nicholson |Roger David Aksamit
The U.S. Department of the Treasury and IRS recently issued
proposed regulations under the new Internal Revenue Code Section
45Y Clean Electricity Production Tax Credit (PTC) and Section 48E
Clean Electricity Investment Tax Credit (ITC).
The technology-neutral Section 45Y PTC and Section 48E ITC were
enacted as part of the Inflation Reduction Act of 2022 and
generally replace the existing Section 45 PTC and Section 48 ITC
for certain property placed in service after Dec. 31, 2024.
-
Jun 25, 2024 | 
lexology.com | Amish Shah |Nicole Elliott |Bryan Marcelino |Mary Nicholson |Roger David Aksamit |Bradley Seltzer
HighlightsThe U.S. Department of the Treasury and IRS recently issued proposed regulations under the new Internal Revenue Code Section 45Y Clean Electricity Production Tax Credit (PTC) and Section 48E Clean Electricity Investment Tax Credit (ITC). The technology-neutral Section 45Y PTC and Section 48E ITC were enacted as part of the Inflation Reduction Act of 2022 and generally replace the existing Section 45 PTC and Section 48 ITC for certain property placed in service after Dec. 31, 2024.
