On October 5, 2022, the Department of the Treasury (Treasury) issued a Request for Comments to help it develop guidance on the IRC section 45X Advanced Manufacturing Production tax credit and the section 48C Qualifying Advanced Energy Project tax credit.
For the 45X credit, the request solicited comments on capacity-to-power ratio, “eligible component,” offshore wind development requirements, purity percentages for critical minerals, the definitions of “unrelated person” and “related person” for purposes of the sale of components from a taxpayer to another entity, how “integrated, incorporated, or assembled” components should be determined, and factors that should be considered to prevent duplication or fraud, among other topics.
For the 48C credit, the request solicited comments on equipment to refine, electrolyze, or blend clean fuels, energy conservation technologies, energy efficient industrial and manufacturing facilities, demonstrating project eligibility through industry guidelines, project certifications and revocations, among other topics.
The deadline to submit initial comments in response to the request was November 4, 2022.