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IRS NewswireMay 16, 2024

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Issue Number:    IR-2024-140

Inside This Issue


IRS provides guidance for the Domestic Content Bonus Credit

IR-2024-140, May 16, 2024

WASHINGTON — The Department of Treasury and the Internal Revenue Service today released Notice 2024-41 to modify an existing safe harbor and to provide a new elective safe harbor for determining the Domestic Content Bonus Credit amounts.

The Department of Treasury and the IRS released Notice 2023-38 on May 12, 2023, which provides rules that taxpayers may rely on to qualify for the Domestic Content Bonus Credit amounts and related record-keeping and certification requirements.

Today’s notice modifies the existing safe harbor provided in “Table 2–Categorization of Applicable Project Components” in Notice 2023-38 to include hydropower and pumped hydropower storage facilities, redesignates the “Utility scale photovoltaic system” Applicable Project as the “Ground-mount and rooftop photovoltaic system,” and includes certain manufactured product components for previously listed applicable projects.

Notice 2024-41 also provides a new safe harbor that allows taxpayers to elect to use the classifications of components and cost percentages (in lieu of direct costs of the manufacturer as provided in Notice 2023-38) to determine if the adjusted percentage rule is satisfied.

Notice 2024-41 also requests comments regarding the new elective safe harbor to inform any future updates.

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

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