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ARTICLE · 05 NOVEMBER 2024

Final Regulations Clarify Requirements For The Advanced Manufacturing Production Credit

Jones Day
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The Department of Treasury and the Internal Revenue Service ("IRS") issued final regulations regarding the advanced manufacturing production tax credit.

United StatesEnergy and Natural Resources
Edward Kennedy
Edward Kennedy
Jeffrey Schlegel
Jeffrey Schlegel
Sean E. Jackowitz
Sean E. Jackowitz
Kelly Rubin
Kelly Rubin
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The Department of Treasury and the Internal Revenue Service ("IRS") issued final regulations regarding the advanced manufacturing production tax credit.

The Inflation Reduction Act of 2022 introduced the Section 45X advanced manufacturing production tax credit to bolster domestic manufacturing of critical components used in energy production. Eligible components include certain components for solar and wind energy, inverters, battery components, and 50 identified critical minerals. Manufacturers may sell Section 45X credits to third parties in exchange for cash, or, for a period of five years, may elect to receive a direct payment from the IRS equal to the credit amount, pursuant to new rules also introduced by the Inflation Reduction Act.

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