IRS Proposes Rules for Advanced Manufacturing Production Credit

Treasury and the IRS recently issued Proposed Regulations interpreting key provisions of the Advanced Manufacturing Production Credit under Internal Revenue Code §45X. As is common in drafting IRC provisions, Congress left many unanswered questions when it enacted §45X. In turn, it relies on the Treasury and IRS to publish additional guidance and interpretation.

In REG-107423-23 (Dec. 15, 2023), the IRS proposed general rules and definitions of terms for the AMPC and is seeking public comment by February 13, 2024. A public hearing will be held on the Proposed Regulations on February 22, 2024. Though not technically authoritative, these Proposed Regulations ...