Treasury Department, IRS Release Long-Awaited Section 48 ITC Proposed Regulations
The U.S. Department of the Treasury and IRS on Nov. 17, 2023, released long-awaited proposed regulations regarding the investment tax credit (ITC) under Section 48 of the Internal Revenue Code.
The proposed regulations provide critical guidance on long-standing technologies incentivized under Section 48, including solar, wind, biomass and geothermal, as well as newer technologies added to Section 48 by the Inflation Reduction Act of 2022, including offshore wind transmission lines, energy storage and qualified biogas property. Regulations were last issued under Section 48 in 1987.
The Holland & Knight Energy Tax Team is reviewing the proposed regulations and will provide additional analysis. To receive this forthcoming analysis, please subscribe to our alerts.
Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem, and it should not be substituted for legal advice, which relies on a specific factual analysis. Moreover, the laws of each jurisdiction are different and are constantly changing. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. If you have specific questions regarding a particular fact situation, we urge you to consult the authors of this publication, your Holland & Knight representative or other competent legal counsel.