On Friday (May 12, 2023), the Department of Treasury and the Internal Revenue Service (IRS) released Guidance for taxpayers seeking to take advantage of domestic content bonus credits.
The Notice provides a safe harbor for the classification of certain project components typically found in utility-scale photovoltaic systems, land-based wind facilities.
On 12 May 2023, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released guidance for the domestic content bonus credit under Sections 45, 45Y, 48, and 48E of the Internal Revenue Code (Code).
On May 12, 2023, the IRS and the Department of the Treasury issued highly anticipated guidance regarding the requirements to satisfy the domestic content bonus tax credit provisions for investment tax credits under .
The Guidance sets out the requirements for using domestic steel, iron and manufactured products in order for a project to be eligible for the domestic content bonus credit amount. .