SNEAK PEEK
On October 24, the Internal Revenue Service (IRS) and the Treasury Department released the new final rules for the Advanced Manufacturing Production Credit, section 45X. After considering stakeholder comments, the final rule further outlines the IRA regulations to incentivize the production of clean energy components in the U.S, including certain solar energy components, wind energy components, inverters, qualifying battery components, and applicable critical minerals. The most significant changes from the proposed rules and important news for manufacturers relates to the rule’s determination on sourcing materials outside of the U.S., and the inclusion of material and production costs in the total cost consideration for tax credits.
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