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IRS Newswire May 16, 2024
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Issue Number: ???IR-2024-140
Inside This Issue
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*IRS provides guidance for the Domestic Content Bonus Credit*
IR-2024-140, May 16, 2024
WASHINGTON ? The Department of Treasury and the Internal Revenue Service today released Notice 2024-41 [ [link removed] ] to modify an existing safe harbor and to provide a new elective safe harbor for determining the Domestic Content Bonus Credit amounts.
The Department of Treasury and the IRS released Notice 2023-38 [ [link removed] ] on May 12, 2023, which provides rules that taxpayers may rely on to qualify for the Domestic Content Bonus Credit amounts and related record-keeping and certification requirements.
Today?s notice modifies the existing safe harbor provided in ?Table 2--Categorization of Applicable Project Components? in Notice 2023-38 to include hydropower and pumped hydropower storage facilities, redesignates the ?Utility scale photovoltaic system? Applicable Project as the ?Ground-mount and rooftop photovoltaic system,? and includes certain manufactured product components for previously listed applicable projects.
Notice 2024-41 also provides a new safe harbor that allows taxpayers to elect to use the classifications of components and cost percentages (in lieu of direct costs of the manufacturer as provided in Notice 2023-38) to determine if the adjusted percentage rule is satisfied.
Notice 2024-41 also requests comments regarding the new elective safe harbor to inform any future updates.
More information may be found on the Inflation Reduction Act of 2022 page [ [link removed] ] on IRS.gov.
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