In what appears to have been an update to previously released guidance, the Department of Treasury (the “Treasury”) and Internal Revenue Service (the “IRS”) posted an unexpected update.
On April 4, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-29, which describes certain rules that Treasury and the IRS intend to include in.
The Inflation Reduction Act of 2022 (the IRA) amended the rules relating to the production tax credit (the PTC) and the investment tax credit (the ITC) to provide increased credit.
On April 4, 2023, the Internal Revenue Service (IRS) released Notice 2023-29 (which follows an earlier notice [Notice 2022-51] released in October 2022 soliciting comments on bonus tax.
Initial guidance for the bonus credit amount for renewable energy projects located in “energy communities” answers numerous questions about how to prove a project qualifies for extra.