Tax Credits for Clean Energy Manufacturing: Sec. 45X vs. Sec. 48, Recent IRS Guidance, Pitfalls to Avoid
Note: CPE credit is not offered on this program
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will provide attorneys with an in-depth analysis of key components of the Advanced Manufacturing Production Tax Credit (45X MPTC) and the Advanced Energy Project Investment Tax Credit (48 ITC) as well as critical considerations for green energy manufacturers. The panel will discuss the interplay of utilizing 45X MPTC and 48 ITC and renewable energy investment, development, and production. The panel will also discuss what projects are eligible under Section 48 and Section 45X, applying for an allocation of the credits, recent IRS energy tax credit guidance and requirements, and other critical items in determining the use of Section 48 and 45X tax credits.
Outline
- Inflation Reduction Act of 2022 and impact on manufacturers
- Section 45X MPTC requirements and limitations
- Section 48 ITC requirements and limitations
- 45X vs. 48; determining when to utilize which credit
- Navigating the application process and pitfalls to avoid
Benefits
The panel will discuss these and other key issues:
- Extension and modifications to ITC and PTC under the Act
- Understanding when to elect direct pay versus transfer
- Key factors in determining the use of 45X MPTC and 48 ITC
- Recent IRS guidance and key considerations and challenges for clean energy projects
- Best practices for renewable energy developers, producers, and investors
Faculty
Lynn M. Mucenski-Keck, CPA, MST
Principal
Withum Smith+Brown
Ms. Mucenski-Keck has over twenty years of experience in the accounting industry specializing in federal domestic and... | Read More
Ms. Mucenski-Keck has over twenty years of experience in the accounting industry specializing in federal domestic and international tax planning for businesses, pursuing optimization to maximize cash impact. She has advocated for privately held businesses through her testimony to the House of Representatives Committee on Small Business. Ms. Mucenski-Keck highlighted how federal income tax policies including research and experimental capitalization, interest expense modifications, and the decrease in bonus depreciation are limiting cash in privately owned businesses and prohibiting innovation and growth. She also leads Withum’s clean energy credit initiatives that have been significantly altered since the passing of the Inflation Reduction Act in August of 2022, including providing up-to-date information on the ability to elect the direct pay or transfer of the federal income tax credits. Ms.Mucenski-Keck received her Bachelor of Science degree in Accounting from St. John Fisher College and a Master’s in Taxation from the University of Denver. She is a CPA, licensed in New York and a member of the American Institute of Certified Public Accountants. She was appointed as a Forbes Tax Contributor in February of 2021. Previously, she was an Associate Accounting Professor at St. John Fisher College from 2010-2019.
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Nicholas C. Mowbray
Counsel
BakerHostetler
Mr. Mowbray focuses his practice on U.S. federal income tax matters, with an emphasis on international tax and the... | Read More
Mr. Mowbray focuses his practice on U.S. federal income tax matters, with an emphasis on international tax and the taxation of financial products. He regularly advises clients on ways to enhance the tax efficiency of commercial transactions and operating structures, including outbound investments by U.S. multinationals, inbound investments by non-U.S. multinationals, the structuring of cross-border financings, internal restructurings and reorganizations, and acquisitions. Mr. Mowbray also regularly advises clients on controversy matters involving the recognition of income, transfer pricing and the international tax provisions of the Tax Cuts and Jobs Act of 2017. In addition, he has significant experience with advising clients on digital asset transactions, offerings and entity and investment structures.
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David Strong, CPA
Partner
Crowe
Mr. Strong is a leader in the delivery of tax accounting services related to inventory valuation, accounting method... | Read More
Mr. Strong is a leader in the delivery of tax accounting services related to inventory valuation, accounting method issues, tax controversy, and corporate planning and consultation. He has more than 20 years of experience and specializes in monitoring legislative and regulatory changes for communication to firm management. Mr. Strong has also worked extensively with both publicly traded and privately held companies providing tax compliance and consulting services.
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