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ARTICLE · 21 JUNE 2023

IRS Issues Updated Energy Community Bonus Guidance

Holland & Knight
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The IRS on June 15, 2023, updated its energy community bonus guidance by issuing Notice 2023-45 and Notice 2023-47. The IRS also recently issued energy community...

United StatesEnergy and Natural Resources
Amish Shah
Amish Shah
Meaghan Hembree
Meaghan Hembree
Bradley M. Seltzer
Bradley M. Seltzer
Nicole Elliott
Nicole Elliott
Mary Kate Nicholson
Mary Kate Nicholson
Nicholas Targ
Nicholas Targ
Roger David Aksamit
Roger David Aksamit
Joshua L. Belcher
Joshua L. Belcher
Joshua David Odintz
Joshua David Odintz
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The IRS on June 15, 2023, updated its energy community bonus guidance by issuing Notice 2023-45 and Notice 2023-47. The IRS also recently issued energy community bonus guidance in Notice 2023-29. (For a summary of Notice 2023-29, see Holland & Knight's previous alert, "IRS Energy Community Bonus Guidance Provides Welcome Clarity," April 7, 2023.) The additional notices provide the following:

  • Clarification of the safe harbor rule for projects with a nameplate capacity of not greater than 5 megawatts (MW) of alternating current (AC), which treats such projects as brownfield sites if an ASTM E1527 Phase I Environmental Site Assessment (Phase I Assessment) has been completed with respect to the site. The clarification increases the stringency of the requirements for the safe harbor to apply, requiring the Phase I Assessment to identify the presence or potential presence of a hazardous substance as defined under 42 U.S.C. Section 9601(14) (hazardous substance) or

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