The Inflation Reduction Act amended the tax code to provide a domestic content bonus credit for owners of green energy projects placed in service after Dec. 31, 2022. It also added Sections 45Y and 48E that include the credit for investments in green energy storage technologies placed in service after Dec. 31, 2024. Domestic content generally is defined as steel, iron or manufactured products produced in the U.S. In Notice 2023-38, the IRS stated it intends to issue proposed guidance for the credit regarding the application of the rules taxpayers must satisfy to qualify and the related recordkeeping and certification requirements. For more details: https://bit.ly/3W4q1Qm
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