IRS.gov Banner
IRS NewswireDecember 14, 2023

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-2023-238

Inside This Issue


Treasury, IRS issue guidance for the advanced manufacturing production credit

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations to provide guidance for the advanced manufacturing production credit established by the Inflation Reduction Act (IRA).

The new Section 45X provides a credit for the production (within the United States) and sale of certain eligible components including solar and wind energy components, inverters, qualifying battery components and applicable critical minerals.

The proposed regulations affect taxpayers who produce and sell eligible components and intend to claim the credit.

The guidance provides rules for the production of eligible components and sale to unrelated persons, as well as special rules that apply to sales between related persons. The proposed regulations also include rules for a taxpayer to make an election to treat sales to related persons as made to unrelated persons, known as the Related Person Election.

Finally, the proposed regulations provide definitions of eligible components, rules related to calculating the credit, as well as specific recordkeeping and reporting requirements.

More information about IRA guidance may be found on the Inflation Reduction Act of 2022 page on IRS.gov.

Back to Top


FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo  LinkedIn Logo


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.


This email was sent to irsblogposts@gmail.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535GovDelivery logo