The Technology-Neutral Sections 45Y PTC And 48E ITC Are Coming

Highlights

• The U.S. Department of the Treasury and IRS recently issued proposed regulations under the new Internal Revenue Code Section 45Y Clean Electricity Production Tax Credit (PTC) and Section 48E Clean Electricity Investment Tax Credit (ITC).
• The technology-neutral Section 45Y PTC and Section 48E ITC were enacted as part of the Inflation Reduction Act of 2022 and generally replace the existing Section 45 PTC and Section 48 ITC for certain property placed in service after Dec. 31, 2024.
• This Holland & Knight alert reviews certain key aspects of the proposed regulations.

The U.S. Department of the Treasury and IRS on May 29, 2024, issued proposed regulations under the new Internal Revenue Code (Code) Section 45Y Clean Electricity Production Tax Credit (PTC) and Section 48E Clean Electricity Investment Tax Credit (ITC). The technology-neutral Section 45Y PTC and Section 48E ITC were enacted as part of the Inflation Reduction Act of 2022 and