On June 14, 2023 the IRS announced a pair of proposed rules articulating guidance on how certain tax credits created or modified by the Inflation Reduction Act will be implemented. Specifically, the proposals discuss how these tax credits can be utilized by eligible entities and how the benefits can be transferred between eligible entities. [Full Text Here]
The affected tax credits include:
§30C Alternative fuel vehicle refueling property credit
§45 Renewable electricity production credit
§45Q Carbon oxide sequestration
§45U Zero-emission nuclear power production credit
§45V Clean hydrogen production credit
§45W Qualified commercial vehicles
§45X Advanced manufacturing production credit
§45Y Clean electricity production credit
§45Z Clean fuel production credit
§48 Energy credit
§48C Qualified advanced energy project credit
§48E Clean electricity investment credit
