Inflation Reduction Act: Tax credits for electricity production from clean and renewable resources

A core component of the Inflation Reduction Act (IRA) is an expansion of tax credits related to the production of electricity from renewable resources, including solar, wind, and geothermal. For this, two existing credits were modified significantly (Section 45 and Section 48), and two new credits are set to take effect in future years (Section 45Y and Section 48E). Because multiple tax credits are generated by the production of electricity from specific resources, taxpayers can either claim an investment tax credit or a production tax credit.

During this on-demand webinar, our tax professionals will discuss these tax credits, dive deeper into qualifying for the credits, and talk through how the specific rules for each change depending on the year the qualifying equipment is placed in service.

Learning objectives:

• Develop an understanding of the tax credits for electricity production from renewable and clean resources (Sections 45, 48, 45Y, 48E).
• Identify how your organization could take advantage of the tax credit (either investment or production).
• Define potential next steps for your organization as it relates to the tax credits for electricity production in the IRA.