On Friday, May 12, 2023, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-38 (the Notice) providing guidance regarding qualification for the domestic.
The Notice provides a safe harbor for the classification of certain project components typically found in utility-scale photovoltaic systems, land-based wind facilities.
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. .
A reasonable analysis of the Buy America standards for manufactured products would have resulted in the qualified facility or energy project being treated as the end product. One would.
Applicable Project is eligible for Domestic Content Bonus Credit if it satisfies Domestic Content Requirement and the taxpayer timely submits to the IRS the certification described in the Notice and provides clarification on number of issues related to manufactured products