Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 23, 2024 - December 27, 2024.
December 23, 2024: The IRS released Internal Revenue Bulletin 2024-52, which includes the following:
- Treasury Decision 10015: These final
regulations update the previous regulations under Section 48 of the
Internal Revenue Code (Code), which provides for an investment tax
credit for energy property (energy credit), and respond to changes
made by the Inflation Reduction Act of 2022 (IRA)
- The final regulations update the types of energy property eligible for the energy credit, including additional types of energy property added by the IRA; clarify the application of new credit transfer rules to recapture because of failure to satisfy the prevailing wage requirements, including notification requirements for eligible taxpayers; and include qualified interconnection costs in the basis of certain lower-output energy properties.
- The final regulations also provide rules generally applicable to energy property, such as rules regarding functionally interdependent components, property that is an integral part of an energy property, application of the "80/20 rule" to retrofitted energy property, dual use...
