The Treasury Department and IRS on Wednesday finalized the investment tax credit rules for energy projects, weeks before the credit expires.
The final rules (TD 10015, RIN 1545-BO40) provide guidance on the types of energy properties that can receive the Section 48 investment tax credit, which was expanded in the Democrats' 2022 tax-and-climate law known as the Inflation Reduction Act. The investment tax credit generally provides a break for about 30% of the cost of a project. Lawmakers have extended the credit for decades.
The November 2023 proposed rules received 350 comments. The final rules clarify ownership ...