IR-2024-140: IRS provides guidance for the Domestic Content Bonus Credit

IRS Newswire May 16, 2024
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-2024-140 Inside This Issue IRS provides guidance for the Domestic Content Bonus Credit IR-2024-140, May 16, 2024 WASHINGTON — The Department of Treasury and the Internal Revenue Service today released Notice 2024-41 to modify an existing safe harbor and to provide a new elective safe harbor for determining the Domestic Content Bonus Credit amounts. The Department of Treasury and the IRS released Notice 2023-38 on May 12, 2023, which provides rules that taxpayers may rely on to qualify for the Domestic Content Bonus Credit amounts and related record-keeping and certification requirements. Today's notice modifies the existing safe harbor provided in "Table 2--Categorization of Applicable Project Components" in Notice 2023-38 to include hydropower and pumped hydropower storage facilities, redesignates the "Utility scale photovoltaic system" Applicable Project as the "Ground-mount and rooftop photovoltaic system," and includes certain manufactured product components for previously listed applicable projects. Notice 2024-41 also provides a new safe harbor that allows taxpayers to elect to use the classifications of components and cost percentages (in lieu of direct costs of the manufacturer as provided in Notice 2023-38) to determine if the adjusted percentage rule is satisfied. Notice 2024-41 also requests comments regarding the new elective safe harbor to inform any future updates. 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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