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The U.S. Department of the Treasury and the IRS have released final rules for the Advanced Manufacturing Production Credit, also known as Section 45X of the Internal Revenue Code, to spur continued growth of U.S. clean energy manufacturing.
The credit aims to help to level the playing field for U.S. companies to on-shore production of critical clean energy technologies like solar and wind components, batteries and energy storage and critical minerals.
In particular, the final rules will accelerate the buildout of domestic critical mineral supply chains by allowing taxpayers to include materials costs and extraction costs in production costs for applicable minerals and electrode active materials, provided certain conditions are met.
“The Biden-Harris administration’s economic agenda is driving a manufacturing boom across the country that I’ve seen first-hand in North Carolina, Kentucky and Georgia,” says U.S. Secretary of the Treasury Janet L. Yellen.
“These investments are creating good-paying jobs, strengthening U.S. supply chains and lowering costs for American consumers and businesses. The final rules announced today will help companies continue to invest and innovate in the United States as we build out our clean energy economy.” |
