IRA Domestic Content Bonus Credit: How To Maximize Your Energy Tax Credits
The Internal Revenue Service (IRS) released Notice 2023-38, which provides more details around domestic content requirements for taxpayers who qualify for bonus energy credit incentives. The additional tax credits are associated with investments in and the production of clean energy under Sections 45, 45Y, 48 and 48E. Dependent on the facilities and equipment used to make clean energy, the domestic content rules are fulfilled when a taxpayer verifies that a qualified facility meets two specific requirements.
On this episode of the Industrial Manufacturing Podcast, Jason Hodell, Industrial Manufacturing Leader, and Ron Wainwright, Energy Tax Credits & Incentives Leader, discuss key Inflation Reduction Act of 2022 (IRA) provisions that will help clients maximize their tax credits.
This conversation includes:
- Energy tax credits under the IRA
- IRA’s new credits and bonus credits
- Increase in tax credit amounts for domestic content
- Whatto look for in an energy credit provider
- New requirements to qualify for bonus energy credit incentives
- Take Advantage of New Section 45L Tax Credit Opportunities Under IRA
- Form 7205: What A&E Firms Need To Know To Claim the Section 179D Tax Deduction
- Energy Savings Revolution – Section 179D for Commercial Buildings
- Notice 2022-61: Initial Guidance on Prevailing Wage and Apprenticeship Requirements for IRA Clean Energy Tax Credits