Notice 2024-41: Modified domestic content bonus credit guidance under sections 45, 45Y, 48, and 48E, including new elective safe harbor

Type
:
Obligation
Tax Area
:
Corporate Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
16 May
,
2024
Docxster’s Summary

The IRS has issued Notice 2024-41, which provides guidance on the domestic content bonus credit. This credit is available to taxpayers who manufacture goods in the United States and meet certain requirements. The notice includes information on how to calculate the credit, what types of goods are eligible, and how to claim the credit on tax returns.

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The IRS today released Notice 2024-41* which modifies the existing domestic content safe harbor in Notice 2023-38 and provides a new elective safe harbor for determining the domestic content bonus credit amounts under sections 45, 45Y, 48, and 48E.

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Source :
KPMG
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