The IRS is requesting comments on proposed regulations regarding the advanced manufacturing investment credit created by the CHIPS Act of 2022. The recently released proposed regs address, among other things, the credit’s eligibility requirements and the term “semiconductor.” For any tax year, the credit generally will be equal to 25% of an eligible taxpayer’s qualified investment in an advanced manufacturing facility. Investments must equal the taxpayer’s basis in qualified property integral to the facility’s operation that’s placed in service during the tax year. The proposed regs would apply to property placed in service after Dec. 31, 2022. For details, see: https://bit.ly/3K0l6vp
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