Highly Anticipated Domestic Content Bonus Guidance Released

Vinson & Elkins – On May 12, 2023, the Department of the Treasury and Internal Revenue Service issued Notice 2023-38, providing guidance on the rules taxpayers must satisfy to qualify for the domestic content bonus credit available under sections 45 and 48 of the Internal Revenue Code of 1986, as amended, for “qualified facilities” or “energy projects” placed in service after December 31, 2022, and under Code sections 45Y and 48E for “qualified facilities” or “energy storage projects” placed in service after December 31, 2024.