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IRS Newswire July 24, 2024
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Issue Number: IR-2024-194
Inside This Issue
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*IRS issues guidance for the procedures to claim a credit for utilization of carbon oxide*
WASHINGTON — The Internal Revenue Service today issued Notice 2024-60 [ [link removed] ] to provide initial guidance on the credit for the sequestration of carbon oxide. This credit was amended significantly by the Inflation Reduction Act of 2022 (IRA).
The* *notice provided today describes information that must be included in a written report known as the lifecycle analysis (LCA) report and provides the procedures a taxpayer must follow to submit the report along with required supporting information to the IRS and the Department of Energy for review.
Before any credit is determined, the IRS must approve the lifecycle analysis of greenhouse gas emissions documented in the LCA report with respect to carbon capture property placed in service on or after Feb. 18, 2018.
Accordingly, the IRS must approve the taxpayer’s LCA before the taxpayer may claim the utilization of carbon oxide credit.
More information may be found on the Inflation Reduction Act of 2022 page [ [link removed] ] on IRS.gov.
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