Federal Tax, Tax

New Advanced Manufacturing Investment Credit Payment Provisions

New IRS guidance addresses elective payment provisions of the Advanced Manufacturing Investment Credit (AMIC). Created as part of the CHIPs Act, the AMIC is available to certain U.S. manufacturers of semiconductors and semiconductor manufacturing equipment. The guidance discusses how taxpayers that earn certain clean energy credits and meet other eligibility requirements can choose to make an “elective tax payment.” It also contains rules for qualified taxpayers to transfer certain credits to unrelated parties, outlines anti-abuse provisions and explains repayment of excessive elective payments. The temporary regulations are effective June 21, 2023. Read the guidance: https://bit.ly/4665SOtContact us to learn more. © 2023