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ARTICLE · 13 AUGUST 2024

IRS Releases Long-Awaited Section 45Q LCA Procedures

Holland & Knight
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The IRS on July 24, 2024, released Notice 2024-60, which provides Internal Revenue Code Section 45Q guidance for utilization of carbon dioxide and other carbon oxides. The Notice addresses the information...

United StatesEnergy and Natural Resources
Amish Shah
Amish Shah
Beth Viola
Beth Viola
Mary Kate Nicholson
Mary Kate Nicholson
Alexander Lewis
Alexander Lewis
Isabel C. Lane
Isabel C. Lane
Nicole Elliott
Nicole Elliott
Bradley M. Seltzer
Bradley M. Seltzer
Elizabeth Crouse
Elizabeth Crouse
Roger David Aksamit
Roger David Aksamit
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Highlights

  • The IRS on July 24, 2024, released Notice 2024-60, which provides Internal Revenue Code Section 45Q guidance for utilization of carbon dioxide and other carbon oxides.
  • The Notice addresses the information that must be included in the required life cycle analysis report (LCA Report), procedures for submitting the LCA Report and supporting information required to be provided to the IRS and U.S. Department of Energy (DOE) for review.
  • The long-awaited Notice comes more than six years after Section 45Q was amended to allow for utilization.

The IRS on July 24, 2024, released Notice 2024-60, which provides Internal Revenue Code Section 45Q guidance for utilization of carbon dioxide and other carbon oxides. The Notice addresses the information that must be included in the required life cycle analysis report (LCA Report), procedures for submitting the LCA Report and supporting information required to be provided to the IRS and U.S. Department of Energy

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