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 Treasury, IRS Issue Final Regulations on the Foreign Tax Credit 2020

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I'm Maggie daily and this is pwc's tax insights in brief the IRS and treasury published final regulations on direct payments under 6417 of certain energy credits and under section 48d of the advanced manufacturing credit the final regulations apply to tax years ending on or after March 11th 2024 but taxpayers generally May apply the final regulations to property placed in service after 2022 if they apply the entire regulations consistently the IRS and treasury also published proposed regulations addressing how tax exempt entities participating in energy projects under a partnership structure may qualify to elect direct payment of any section 6417 applicable credit the proposed regulations would apply to tax ending on or after publication of final regulations in the Federal Register direct payments are important mechanism to fund energy and advanced manufacturing projects by monetizing the benefits of the credits especially for tax exempt entities that are not able to us

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