Treasury Releases Initial Guidance on Lifecycle Carbon Report for 45Q Tax Credit

Date: 07/24/2024

Type: Implementation of IRA

On July 24, 2024, Treasury and IRS released initial guidance providing procedures on the lifecycle GHG analysis report required to claim IRC section 45Q carbon oxide utilization tax credits through IRA section 13104. Entities must first submit the lifecycle GHG analysis to IRS and DOE for review, and IRS must approve the analysis, before entities may claim the tax credit.

Opportunities for Participation and Additional Resources:

Notice: https://www.irs.gov/pub/irs-drop/n-24-60.pdf
Press Release: https://www.irs.gov/newsroom/irs-issues-guidance-for-the-procedures-to-claim-a-credit-for-utilization-of-carbon-oxide