IRS Publishes Notice Regarding Availability of the Inflation Reduction Act's Section 45 Credit for Renewable Electricity Production Expected to Spur the Development of Renewable Energy Products
Post date
June 23, 2023
Body
The Internal Revenue Service (IRS) published a notice announcing the 2023 inflation adjustment factor and reference price for determining the availability of the credit for renewable electricity production under section 45 of the Internal Revenue Code (IRC) as revised by the Inflation Reduction Act. The section 45 tax credit is a per kilowatt-hour credit for electricity generated by qualified renewable energy resources, including wind, solar, geothermal, and biomass. The inflation adjustment factor and reference price are used in determining the availability of the section 45 credit for calendar year 2023.