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The U.S. Department of the Treasury and Internal Revenue Service on Friday issued a notice of intent that offers a first glimpse at how the IRS will determine which renewable energy projects qualify for the 10% domestic content tax credit rider created by the Inflation Reduction Act.
The IRA contains two tiers of domestic content requirements — one for steel and iron components and one for manufactured products. Friday’s notice begins to define how individual project components will fall into each of the two categories.
Industry groups generally praised the direction outlined in the initial guidance, but Senate Finance Committee chair Ron Wyden, D-Ore., said he’ll seek to increase domestic content to boost U.S. manufacturing.