The IRS has released guidance for companies that want to claim a tax credit for the sequestration of carbon oxide (a greenhouse gas emission). Although the credit has been available since 2008, the Inflation Reduction Act amended it. Notice 2024-60 (https://bit.ly/3zWt6uW ) explains what information taxpayers should include in written lifecycle analysis (LCA) reports submitted on or after July 24, 2024. It also describes procedures for submitting reports and supporting documents to the IRS and U.S. Dept. of Energy. The IRS must approve an LCA before a company can claim the credit. However, taxpayers that received LCA report approvals before July 24 can rely on earlier rules.
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