Agency: Department of the Treasury
Description:
Tax credit for manufacturing components related to wind and solar, batteries, and minerals
Bill Section:
13502
US Code:
26 USC 45X
New or Existing:
New
Potential Cost:
$30,600,000,000
Timeline:
2023 – 2032 overall but different requirements in statute including phase-out
Implementation Status/Rulemaking:
On October 24, 2022, the Internal Revenue Service published Notice 2022-47 to request comments on the Advanced Manufacturing Production Credit, with comments due November 4, 2022: Source
On June 20, 2023, the Internal Revenue Service published Notice 2023–44 to provide rules for the interaction between sections 45X and 48C.
On December 15, 2023, Internal Revenue Service issued a notice of proposed rulemaking to implement the advanced manufacturing production credit. Comments are due February 13, 2024: Source
TCS Notes:
$4.6 billion of the total ten-year cost estimate is in FY30 alone.
Elective Payment and Transferability allowed in certain cases.