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Unpacking the Complexities of the Many Tax Credits Under the CHIPS Act and the IRA of 2022

November 8, 2022

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As we wrap up the CHIPS Act Series, we briefly cover the Inflation Reduction Act of 2022 (IRA) and credits associated with CHIPS and IRA and their many impacts on the manufacturing industry. The focus of the discussion centers on a high-level view of the New Advanced Manufacturing Credit, Section 45X – the Advanced Manufacturing Production Credit, which take effect in 2023 and will provide a tax credit for eligible components.

Listen in as Matt Brady, our Industrial Manufacturing Industry Leader, and Ron Wainwright, a Partner in our Tax Credits and Incentives Advisory practice, unpack the fourth and final installment of Cherry Bekaert’s Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act podcast series.

Wainwright also covers the advanced energy project credit, which falls under Section 48C, an investment credit with a base credit of 6%, with a potential increase up to 30% if the qualifying wage requirements are met.

Given the intricacies of the legislation and tax credits and provisions, our industry advisors plan to expand the series to address how industrial manufacturers can find new ways to monetize energy credits, dive into the 45Q credit around carbon oxide sequestrated and examine the “Technology Neutral” credits that may impact the industry.

See our previous podcasts in this series that you may have missed:


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