IR-2023-27, IRS and Treasury provide guidance on the Qualifying Advanced Energy Project Credit

IRS Newswire Feb. 13, 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-2023-27 Inside This Issue: IRS and Treasury provide guidance on the Qualifying Advanced Energy Project Credit   IR-2023-27, Feb. 13, 2023  WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided guidance following the enactment of the Inflation Reduction Act to establish a program to allocate credits for qualified investments in eligible qualifying advanced energy projects.    Notice 2023-18 establishes the section 48C(e) program to allocate $10 billion in credits ($4 billion of which may only be allocated to projects located in certain energy communities census tracts). The notice also provides initial program guidance.   The Treasury Department and the IRS anticipate allocating $4 billion of section 48C credits in the first allocation round, with approximately $1.6 billion of these credits to be allocated to projects located in certain energy communities.  The Treasury Department and the IRS will allocate the remaining credits in future allocation rounds.  This notice also provides the general rules for determining the section 48C credit, definitions of qualifying advanced energy projects, and the procedures for allocating the credits.  The Treasury Department and the IRS will issue additional guidance by May 31, 2023, to provide more details regarding information applicants will be required to submit to request a credit allocation.   More information 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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