Date: 10/24/2024
Type: Implementation of IRA
On October, 24, 2024, Treasury released final rules on the section 45X Advanced Manufacturing Production Tax Credit, created by IRA section 13502, which provides incentives for the U.S. production of clean energy technologies such as solar and wind components, batteries and energy storage, and critical minerals. The rules allow taxpayers to include materials and extraction costs as production costs for applicable critical minerals and electrode active materials.
The rules finalize Treasury’s proposal released in December 2023, clarifying definitions, confirming credit amounts for eligible components, including solar energy components, wind energy components, inverters, qualifying battery components, and applicable critical minerals.