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ARTICLE · 04 JUNE 2024

IRS Issues Proposed Rules On New Tech-Neutral Clean Energy PTC And ITC

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On May 29, 2024, the Internal Revenue Service and the Department of Treasury issued proposed regulations (REG-119283-23) addressing the new technology neutral clean electricity production tax credit ...

United StatesEnergy and Natural Resources
Shariff N. Barakat
Shariff N. Barakat
Scott M. Heimberg
Scott M. Heimberg
Sam B. Guthrie
Sam B. Guthrie
Matthew A. Kapinos
Matthew A. Kapinos
Susan Lent
Susan Lent
Daniel Lynch
Daniel Lynch
Jeffrey D. McMillen
Jeffrey D. McMillen
Nathan Oleson
Nathan Oleson
Zachary Rudisill
Zachary Rudisill
+2 more
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On May 29, 2024, the Internal Revenue Service (IRS) and the Department of Treasury issued proposed regulations (REG-119283-23) addressing the new technology neutral clean electricity production tax credit (PTC) in section 45Y and the clean electricity investment tax credit (ITC) in section 48E, each of which was designed to become available for projects that are placed in service after December 31, 2024, when their corresponding predecessors (sections 45 and 48, respectively) generally expire. Added to the tax code by the Inflation Reduction Act of 2022 (IRA, P.L. 117-169), these new tax credits were designed to incentivize the generation of electricity for which the greenhouse gas (GHG) emissions rate (expressed as grams of CO2e per kWh) is not greater than zero.

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