IRS issues proposed regulations on the Advanced Manufacturing Production Credit

The Inflation Reduction Act introduced the IRC Section 45X Advanced Manufacturing Production Credit in 2022. The credit is available to manufacturers that produce clean energy components in the United States, including solar and wind energy components, inverters, qualifying battery components, and applicable critical minerals. The IRS has issued proposed regulations that, among other things, provide definitions of eligible components, rules related to calculating the credit, and specific recordkeeping and reporting requirements. They also provide rules for the production of eligible components and sale to unrelated persons. Read the proposed regs: https://bit.ly/3NsVJ6H