N-2023-24: Section 45J Credit for Production of Electricity from Advanced Nuclear Power Facilities

Notice 2023-24 provides the general rules for determining the credit for production from advanced nuclear power facilities under ? 45J (? 45J credit) and that the amount of the unutilized national megawatt capacity limitation (NMCL) available for allocation is 6,000 megawatts. This notice also provides the procedures for taxpayers to apply for allocations of, and that the Internal Revenue Service (IRS) will use to allocate, the unutilized NMCL to facilities that the Department of Energy previously certified as an ?advanced nuclear facility? under Notice 2013-68, 2013-46 I.R.B. 501. The notice provides the procedures for a ?qualified public entity? to elect to transfer all or a portion of the ? 45J credit to an ?eligible project partner?. The notice requests comments on issues impacting the ? 45J credit. Section 45J provides a tax credit for energy produced by advanced nuclear power facilities. Section 45J was previously amended in 2018, and IRS is providing rules for transfers of credit by certain public entities. Section 45J was not amended by the Inflation Reduction Act and is distinct from the zero-emission nuclear power production credit (Section 45U) created by the Inflation Reduction Act.

Notice 2023-24 will be in IRB: 2023-13, dated March 27, 2023.

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