• videocam On-Demand Webinar
  • signal_cellular_alt Intermediate
  • card_travel Energy
  • schedule 90 minutes

New IRS Guidance for Domestic Content 10% Bonus Tax Credit for Renewable Energy Projects

Notice 2023-38 and Requirements for Bonus Production Tax Credits or Investment Tax Credits Under IRC Sections 45, 45Y, 48, or 48E

$347.00

This course is $0 with these passes:

CLE
CPE
ALL
  1. keyboard_arrow_leftBack

About the Course

Introduction

This CLE/CPE webinar will discuss key items under recently issued Notice 2023-38, applicable projects and the domestic content bonus opportunity, a description of domestic content items, certification and recordkeeping requirements, and next steps for renewable energy developers.

Description

The Inflation Reduction Act created a 10 percent tax credit adder to encourage the use of "domestic content" in renewable projects that qualify for the production tax credit and investment tax credit. The domestic content bonus credit is available to projects that qualify for the ITC or PTC under current Sections 48 or 45 or, beginning in 2025, Sections 48E or 45Y beginning in 2025 if all of the steel and iron and the required percentage of manufactured products included in the completed project are produced in the United States. Attorneys assisting renewable energy developers, manufacturers and investors must understand these domestic content requirements and the potential challenges involved in satisfying them.

On May 12, 2023, the IRS published Notice 2023-38, providing the rules for establishing satisfaction of the requirements to qualify for the bonus credit and a safe harbor regarding the classification of certain components. Qualifying renewable energy and storage projects built with 100 percent domestically produced steel and iron and the required percentage of manufactured products (currently 40 percent) can receive an additional 10 percent ITC or increase their PTCs by 10 percent. However, qualification for this bonus tax credit involves a thorough analysis of complex rules, providing evidence that may be difficult to obtain and consideration of available planning strategies to address related matters concerning expected tax credits, financing and the overall success of a renewable project.

Listen as our panel discusses key items under recently issued Notice 2023-38, applicable projects and the domestic content bonus opportunity, and next steps for renewable energy developers.

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • CPE credit is not available on recordings.

  • BARBRI is a NASBA CPE sponsor and this 90-minute webinar is accredited for 1.5 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).


  • Live Online


    On Demand

Date + Time

  • event

    Wednesday, August 2, 2023

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Inflation Reduction Act of 2022: new 10 percent domestic content bonus credit on renewables
  2. Impact of new 10 percent bonus credit for renewables
  3. Notice 2023-38: key provisions and challenges
  4. Certification and recordkeeping
  5. Key issues and pitfalls to avoid for renewable projects

The panel will discuss these and other key issues:

  • Inflation Reduction Act of 2022 and new 10 percent domestic content bonus credit on renewables
  • Key items and challenges stemming from IRS Notice 2023-38
  • Requirements and processes involved to qualify for the domestic content bonus credit
  • Determining classification of the components of the completed project under the rules
  • Safe harbor requirements and pitfalls to avoid
  • Navigating the certification and recordkeeping requirements

Learning Objectives

After completing this course, you will be able to:

  • Understand the application of new 10 percent domestic content bonus tax credit under the Inflation Reduction Act
  • Identify key items and challenges stemming from IRS Notice 2023-38
  • Ascertain the requirements and processes involved to acquire the domestic content bonus tax credit
  • Recognize which products are considered "domestic content" items for purposes of the bonus tax credit
  • Understand the interplay of new 10 percent domestic content bonus and other energy tax credits
  • Ascertain the certification and recordkeeping requirements for the bonus tax credit for renewable energy projects
  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years plus business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of practical guidance to avoid the most common and costly risk areas in corporate tax compliance, exemptions, deductions, net operating losses, and sales and use tax compliance.

BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .