Department of the Treasury

Section 13701 of the IRA inserts a new section 45Y into the IRC, establishing a Clean Electricity Production Credit for qualifying facilities generating clean energy. To qualify, a facility must be ...Read More

Section 13702 of the IRA inserts a new section 48E into the IRC, establishing a Clean Electricity Investment Credit for investments in qualifying zero-emission electricity generating facilities and ...Read More

Section 13703 of the IRA classifies any facility or investment qualifying for the Clean Electricity Production Credit or the Clean Electricity Investment Credit as a 5-year property under the Modified ...Read More

Section 13704 of the IRA inserts a new section 45Z into the IRC, creating a new Clean Fuel Production Tax Credit for transportation fuel production. The credit is available from December 31, 2024 to ...Read More

Section 13801 of the IRA allows a taxpayer to elect to transfer certain tax credits to another, unrelated taxpayer beginning in tax year 2023. Transfers must be reported to the Internal Revenue ...Read More

Section 13802 of the IRA provides the IRS $500 million to carry out Subtitle D, which includes the clean energy, transportation, and commercial and residential building tax credit programs. ...Read More

Section 13901 of the IRA makes permanent a tax on coal extracted from U.S. mines. The tax previously expired on December 31, 2021. The tax, which is charged at a rage of $1.10 per ton of coal ...Read More

Section 13902 of the IRA amends Sections 41(h) and 3111(f) of the IRC to increase the small business payroll tax research credit by allowing small businesses to claim a tax credit in the amount of ...Read More