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IRS and Treasury Publish Final Regulations for Advanced Manufacturing Production Tax Credits

November 19, 2024

On November 19, 2024, Cravath prepared a memo for its clients entitled “IRS and Treasury Publish Final Regulations for Advanced Manufacturing Production Tax Credits.” The memo examines the United States Department of the Treasury and the Internal Revenue Service’s recently issued final regulations for Advanced Manufacturing Production Tax Credits under Section 45X of the Internal Revenue Code.

The 45X credits were created under the Inflation Reduction Act of 2022 to strengthen U.S. energy security by incentivizing the domestic production of clean energy components, including solar and wind, inverters, battery parts and critical minerals. The final regulations largely adopt the proposed regulations published on December 15, 2023, but they provide several important clarifications and modifications that enhance taxpayers’ ability to effectively utilize the 45X credits.

Please click here to read the memo.

Related Practices & Industries

  • Tax
  • Corporate
  • Industrials and Chemicals
  • Energy and Infrastructure

Authors

Name
Lauren Angelilli
Title
Tax
Title
Partner
Email
langelilli@cravath.com
Phone
+1-212-474-1016
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    Education

    • J.D., 2000, Harvard Law School
      cum laude
    • B.S., 1996, The Wharton School of the University of Pennsylvania
      magna cum laude

    Admitted In

    • New York
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    Name
    Christopher K. Fargo
    Title
    Tax
    Title
    Partner
    Email
    cfargo@cravath.com
    Phone
    +1-212-474-1236
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      Education

      • J.D., 2006, Columbia Law School
        Harlan Fiske Stone; Michael Lynne Scholar
      • B.A., 2003, Boston College
        Honors Program, cum laude

      Admitted In

      • New York
      Photo
      Name
      Andrew C. Compton
      Title
      Corporate
      Title
      Partner
      Email
      acompton@cravath.com
      Phone
      +1-212-474-1222
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        Education

        • J.D., 2007, Cornell Law School
        • B.S., 2003, University of Southern California
          magna cum laude

        Admitted In

        • New York
        Photo
        Name
        Will Kim
        Title
        Corporate
        Title
        Of Counsel
        Email
        wkim@cravath.com
        Phone
        +1-212-474-1362
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          Education

          • LL.B., 2011, University of Melbourne
            Graduated with Honors.
          • B.A., 2011, University of Melbourne

          Admitted In

          • New York

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