Relevant tax matters from the Internal Revenue Service IRS for week of June 3 to June 7, 2024 including tax accounting method changes and Document Upload Tool Update
Treasury Department and Internal Revenue Service IRS provided guidance under the EC Bonus in Notice 2023-29. EC Bonus provides a bonus credit for projects located in Energy Communities for projects that qualify for clean energy tax credits under IRS Code Section 45
Energy community bonus credit introduced by the Inflation Reduction Act provides a bonus credit for projects located in Energy Communities. The EC Bonus is available for projects that qualify for clean energy tax credits under Internal Revenue Code Section 45 Section 45Y
On April 4, 2023, the Internal Revenue Service and the Department of the Treasury published Notice 2023-29, Energy Community Bonus Credit Amounts under the Inflation Reduction Act of 2022.