FL - Guidance issued on catastrophic event property damage
Florida provides guidance on catastrophic event property damage for property tax purposes. Topics discussed include the payment of property taxes, […]
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The IRS has released additional guidance for the Qualifying Advanced Energy Project Credit Allocation Program. The new guidance clarifies and modifies Notice 2023-18, I.R.B. 2023-10, 508 (TAXDAY, 2023/02/14, I.2).
The Inflation Reduction Act (P.L. 117-169) added Code Sec. 48C(e) to extend the Code Sec. 48C Qualifying Advanced Energy Project Credit and to provide an additional credit allocation of $10 billion. The Act also modified the definition of a “qualifying advanced energy project.”Notice 2023-18 established the program to allocate the $10 billion of credits for qualified investments in eligible qualifying advanced energy projects. Four billion dollars of this program must be allocated to projects located in Section 48C(e) Energy Communities Census Tracts.
Notice 2023-44 provides additional and updated definitions, explains the interaction between Code Sec. 45C and the Advance Manufacturing Production Credit of Code Sec. 45X, and provides updated examples. It also includes requirements for eligible property to be considered placed in service, and that property placed in service before being awarded an allocation of section 48C credits is ineligible for the Section 48C(e) program. The Notice provides application requirements, decision, notification, and certification procedures, and selection and review criteria.
An online application portal is available at https://48C-exchange.energy.gov/.
In addition, the Notice provides a list of Energy Communities Census Tracts. A map of Section 48C(e) Energy Communities Census Tracts is available at www.energy.gov/infrastructure/48C.
Florida provides guidance on catastrophic event property damage for property tax purposes. Topics discussed include the payment of property taxes, […]
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In response to Hurricane Idalia, eligible taxpayers that file Florida corporate income tax returns with original due dates or extended […]
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As part of ensuring high income taxpayers pay what they owe, the IRS warned businesses and tax professionals to be alert to […]
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The 2023 interest rates to be used in computing the special use value of farm real property for which an election is made under Code Sec. 2032A were issued by the IRS. In the […]
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The IRS has reminded eligible educators that they will be able to deduct out of pocket classroom expenses upto $300 while filing their federal income tax returns next year. […]
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The IRS has reminded taxpayers about the IRS Identity Protection PIN opt in program to help protect people against tax-related identity theft. “The Identity Protection (IP) PIN is […]
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The IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit […]
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Guidance is provided regarding the Florida sales tax holiday on tools commonly used by skilled trade workers, which is held […]
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