News & Analysis as of

Manufacturers Internal Revenue Service

Bergeson & Campbell, P.C.

Petitions Filed to Add Chemicals to List of Chemical Substances Subject to Superfund Excise Tax

On April 2 and April 3, 2025, the Internal Revenue Service (IRS) announced that petitions have been filed to add the following chemicals to the list of taxable substances...more

Paul Hastings LLP

Treasury and IRS Release Final Regulations on Section 45X Advanced Manufacturing Production Credit

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The Inflation Reduction Act of 2022 added the Section 45X Advanced Manufacturing Production Credit (Section 45X) to the Internal Revenue Code of 1986, as amended. Section 45X provides a credit against federal income tax for...more

Mayer Brown

Treasury and IRS Issue Final Regulations on Section 45X

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On October 24, 2024, the US Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released final regulations (the “Final Regulations”) on the Section 45X Advanced Manufacturing Production Credit of the...more

Holland & Knight LLP

Highlights of Final Regulations Under Section 45X Advanced Manufacturing Tax Credit

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The U.S. Department of the Treasury and IRS on Oct. 28, 2024, published final regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code (Final Regulations)....more

Troutman Pepper Locke

IRS Issues Final Regulations on Section 45X Credits for Advanced Manufacturing Production Credit

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On October 24, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued final regulations (Final Regulations) on the Advanced Manufacturing Production Credit (Section 45X Credit), pursuant to Section...more

Foley & Lardner LLP

IRS Releases Final Regulations for Section 45X Advanced Manufacturing Credit

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The Internal Revenue Service (“IRS”) and Department of the Treasury last week released final regulations (the “Final Regulations”) relating to the advanced manufacturing production tax credit under Section 45X (“45X Credits”)...more

Jones Day

Final Regulations Clarify Requirements for the Advanced Manufacturing Production Credit

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The Department of Treasury and the Internal Revenue Service ("IRS") issued final regulations regarding the advanced manufacturing production tax credit....more

Holland & Knight LLP

Treasury Department Issues Final Section 48D Guidance on CHIPS Act Semiconductor Tax Incentive

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The Chips and Science Act of 2022 (CHIPS Act) added Section 48D to the Internal Revenue Code (Code) to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment in the U.S. The credit is equal to...more

McDermott Will & Emery

Semiconductor Industry Receives Long-Awaited Tax Credit Guidance From Treasury

McDermott Will & Emery on

On October 22, 2024, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued long-awaited regulations implementing the advanced manufacturing investment credit under Sections 48D and 50...more

Latham & Watkins LLP

IRS Safe Harbor Eases Path for Domestic Content Bonus Tax Credits

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IRS Notice 2024-41 provides taxpayers with a clearer path toward qualifying for domestic content bonus tax credits through a new elective safe harbor....more

Troutman Pepper Locke

Treasury and IRS Issue Additional Domestic Content Guidance Under IRA and New Elective Safe Harbor

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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 Applicable Projects (defined below) to...more

Perkins Coie

IRS Clean Vehicle Tax Credit Rule Adds Hurdles for Domestic Electric Vehicle Manufacturing

Perkins Coie on

The Internal Revenue Service (IRS) published a final rule on May 6, 2024, defining eligibility requirements for the clean vehicle credit under Section 30D of the Internal Revenue Code, enacted by the Inflation Reduction Act...more

Mintz - ML Strategies

Businesses to Get Boost from $8.8B Home Energy Rebates Program — Home Energy Rebates Demystified (Part 1)

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For firms in the United States, the Inflation Reduction Act (IRA) has released a flood of funding for clean energy demonstration and deployment. Tens of billions of dollars in the form of direct grants and loans have been...more

Pierce Atwood LLP

IRS Announces Application Process for $6 Billion Allocation of Clean Energy Manufacturing and Recycling Project Incentives

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On April 29, 2024, the IRS and the Department of Energy (DOE) announced the process by which they will accept and process applications on round two of the Section 48C(e) qualifying advanced project energy tax credit. Section...more

Holland & Knight LLP

Treasury Department, IRS Release Final Regulations on Direct Pay Under CHIPS Act Section 48D

Holland & Knight LLP on

The Chips and Science Act of 2022 (CHIPS Act) added Section 48D to the Internal Revenue Code to incentivize the production of semiconductors and semiconductor manufacturing equipment in the United States. The credit is equal...more

Baker Donelson

Department of the Treasury and IRS Issue Proposed Regulations for Advanced Manufacturing Production Credits

Baker Donelson on

Internal Revenue Code (IRC) Section 45X: The Inflation Reduction Act of 2022 (IRA) established several incentives targeted at encouraging domestic investment in clean energy. Among those incentives was the Advanced...more

Pillsbury Winthrop Shaw Pittman LLP

Treasury Department and IRS Issue Proposed Regulations on the Advanced Manufacturing Production Credit under Section 45X of the...

The proposed regulations provide important clarity on the distinction between substantial and superficial modification for purposes of determining eligible components produced by the taxpayer, along with guidance as to...more

Vinson & Elkins LLP

Treasury Issues Proposed Regulations on 45X Advanced Manufacturing Production Credit

Vinson & Elkins LLP on

On December 14, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) providing additional guidance to taxpayers on the advanced...more

Holland & Knight LLP

Treasury Department, IRS Release Foreign Entity of Concern Proposed Regulations

Holland & Knight LLP on

The U.S. Department of the Treasury and IRS on Dec. 1, 2023, released proposed rules under Section 30D of the Internal Revenue Code, the Clean Vehicle Tax Credit, as they relate to the definition of "foreign entity of...more

Mintz - Health Care Viewpoints

Mintz IRA Update — Basics of the Medicare Drug Price Negotiation Program

The Inflation Reduction Act (“IRA”) was passed just over a year ago with a goal of lowering high drug costs for Medicare beneficiaries and reducing costs incurred by Medicare. A central piece to achieving the IRA’s goal of...more

Foley & Lardner LLP

Electrified Industrial Policy: IRS Proposed Regulations on Section 30D EV Tax Credits & EV Manufacturing Grants

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The Inflation Reduction Act of 2022 (the “IRA”) and the Infrastructure Investment and Jobs Act of 2021 (the “IIJA”) set in motion an ongoing series of changes that are aimed at transforming, among other things, the automotive...more

Harris Beach Murtha PLLC

New Guidance on Inflation Reduction Act Credit for Advanced Energy Projects

On May 31, 2023, the Internal Revenue Service (“IRS”) released Notice 2023-44 (the “Notice”), which provides additional information regarding the Qualifying Advanced Energy Project Credit Allocation Program under § 48C (e) of...more

Eversheds Sutherland (US) LLP

Treasury and the IRS release much-anticipated guidance, including with respect to the monetization of energy tax credits

On June 14, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released a package of much-awaited guidance (the Guidance) consisting of (i) proposed regulations addressing the tax credit...more

Polsinelli

Guidance Released on Inflation Reduction Act Domestic Content Tax Credits

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Background - On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA”). Two of the key objectives of the IRA are to incentivize the industry to produce certain types of renewable...more

Baker Donelson

Impact of New IRS Guidance for the Domestic Content Bonus in the Inflation Reduction Act

Baker Donelson on

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 storage, and other clean energy projects can...more

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