November 17, 2023

Treasury Department, IRS Release Long-Awaited Section 48 ITC Proposed Regulations

Holland & Knight Alert
Amish Shah | Nicole M. Elliott | Brad M. Seltzer | Mary Kate Nicholson | Roger David Aksamit | Joshua David Odintz | Eli Brander | Kenneth W. Parsons | Daniel Graham Strickland | Rachel T. Provencher

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.

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