N-23-38, domestic content bonus credit

Notice 2023-38 provides the general rules taxpayers must satisfy for the domestic content bonus credit under §§ 45, 45Y, 48 and 48E. Those rules include 1) definitions for relevant terms; 2) the domestic content requirement applicable to steel or iron, which applies in a manner consistent with the Buy America Requirements; 3) the domestic content requirement applicable to manufactured products, which also generally applies in a manner consistent with the regulations for the Buy America Requirements, except the manufactured product adjusted percentage rule; and 4) the procedures for certifying compliance with the domestic content requirement. The notice also provides guidance on the application of the manufactured products adjusted percentage rule, including how to determine costs for this rule, and a safe harbor regarding the classification of certain components in representative types of qualified facilities, energy projects, or energy storage technologies.

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