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IRS Newswire October 24, 2024

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Issue Number:    IR-2024-281

Inside This Issue
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*Treasury, IRS issue final regulations for the advanced manufacturing production credit* 

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations [ [link removed] ] to provide guidance for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act of 2022 (IRA). 

The Advanced Manufacturing Production Credit provides a tax credit for the production and sale of statutorily specified eligible components to unrelated persons. Such eligible components include solar and wind energy components, inverters, qualifying battery components and 50 applicable critical minerals. The eligible components must be produced in the United States or a territory of the United States. 

Generally, the final regulations define qualifying production activities, provide rules for the sale of eligible components to unrelated persons as well as special rules that apply to sales between related persons, and provide rules to address contract manufacturing scenarios. 

The final regulations also provide definitions of eligible components, rules related to calculating the credit, including eligible production costs, and specific recordkeeping and reporting requirements. 

More information about IRA guidance may be found on the Inflation Reduction Act of 2022 page [ [link removed] ] on IRS.gov.

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