FL - Guidance issued on affidavit required to claim exemption for boats sold to nonresident purchasers
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
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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.
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
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The Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]
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Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
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Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
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The IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency’s review has […]
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The IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, […]
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The IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024. For 2023, the inflation adjustment factor is one, so the inflation adjusted applicable amounts are the same as those in Code Sec. 45V(b). Thus, the applicable amounts for a […]
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The IRS has released the inflation adjustment factor for the credit for carbn dioxide (CO2) sequestration under Code Sec. 45Q for 2024. The inflation adjustment factor is 1.3877, and the credit is $27.75 per metric ton […]
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