JD Supra

Treasury Department and IRS Issue Final Regulations Regarding the Clean Electricity Tax Credits Under Sections 45Y and 48E of the Internal Revenue Code

On January 7, 2025, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations [TD 10024] (Final Regulations) providing guidance on the Clean ...
JD Supra

IRS clarifies emergency expense and domestic violence distributions

The Internal Revenue Service issued guidance in Notice 2024-55 on applying exceptions to the 10% excise tax under Internal Revenue Code (IRC) Section 72(t) for emergency personal expense distributions ...
JD Supra

Treasury Department and IRS Issue Final Regulations on the Advanced Manufacturing Production Credit Under Section 45X of the Internal Revenue Code

Under the final regulations, taxpayers are permitted to produce eligible components using recycled materials. Components which are sold and then later become defective will not be considered defective ...
JD Supra

Treasury and IRS Issue Final Regulations on the Credit for Production of Clean Hydrogen Under Section 45V of the Internal Revenue Code

The final regulations retain the general framework of the proposed regulations, with some important modifications based upon comments from industry members. The acquisition and retirement of energy ...