IR-2023-238: Treasury, IRS issue guidance for the advanced manufacturing production credit

IRS Newswire December 14, 2023
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2023-238 Inside This Issue Treasury, IRS issue guidance for the advanced manufacturing production credit WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations to provide guidance for the advanced manufacturing production credit established by the Inflation Reduction Act (IRA). The new Section 45X provides a credit for the production (within the United States) and sale of certain eligible components including solar and wind energy components, inverters, qualifying battery components and applicable critical minerals. The proposed regulations affect taxpayers who produce and sell eligible components and intend to claim the credit. The guidance provides rules for the production of eligible components and sale to unrelated persons, as well as special rules that apply to sales between related persons. The proposed regulations also include rules for a taxpayer to make an election to treat sales to related persons as made to unrelated persons, known as the Related Person Election. Finally, the proposed regulations provide definitions of eligible components, rules related to calculating the credit, as well as specific recordkeeping and reporting requirements. More information about IRA guidance may be found on the Inflation Reduction Act of 2022 page on IRS.gov. Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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