IRS To Hold Hearing on Proposed Rule to Implement Section 48 Energy Tax Credit
The Internal Revenue Service (IRS) announced a public hearing on Tuesday, February 20, 2024 and Wednesday, February 21, 2024 to discuss its proposed rule to implement the Inflation Reduction Act’s IRA section 48 “Energy Tax Credit” by providing detailed definitions of qualifying energy properties under the Internal Revenue Code for builders, developers, and owners of clean energy facilities.
Under the IRA, taxpayers may qualify for increased energy tax credit amounts under IRC section 48 (Energy Credit) if certain prevailing wage and apprenticeship (PWA) requirements are satisfied. For properties placed in service after December 31, 2022, the section 48 credit is either six percent or two percent of the base amount, based on the type of property. However, if the taxpayer satisfies the prevailing wage and apprenticeship requirements, then the increased credit or deduction amount is generally equal to the base amount multiplied by five.
The hearing will be held on February 20, 2024 and February 21, 2024 beginning at 10am each day. Those wishing to participate in the hearing must email publichearings@irs.gov ahead of the hearing to receive the telephone number and access code for the hearing. The subject line of the email must contain “Request to ATTEND Hearing Telephonically for REG-132569-17” in the subject line.
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