IRS T.D.: Advanced Manufacturing Production Credit Guidance (IRC §45X)

Final regulations to provide guidance for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act of 2022, the IRS released. The Advanced Manufacturing Production Credit provides a tax credit for the production and sale of statutorily specified eligible components to unrelated persons. Such eligible components include solar and wind energy components, inverters, qualifying battery components and 50 applicable critical minerals. The eligible components must be produced in the US or a territory of the US. The final regulations: (1) define qualifying production activities; (2) provide rules for the sale of eligible components to unrelated persons as well as ...