New information regarding Section 48C application process 

On May 31, 2023, the U.S. Departments of Treasury and Energy and the IRS released a 48C program webpage that provides additional information about the 48c application process. We are analyzing official IRS guidance and will provide an update soon.

What’s new so far?

• Concept paper (application) submissions will be accepted starting no later than June 30, 2023. The submission deadline is 12 p.m. ET on July 31, 2023.
• Prior guidance suggested one could apply to start on May 31, 2023.
• The DOE and Treasury will host a virtual informational webinar for potential applicants on June 27, 2023, at 2 p.m. ET. This webinar will provide information about preparing and submitting the concept paper.
• The registration link to attend this webinar will be provided on June 12, 2023.

It is important to start assembling your company’s project concept paper.  If you need help to get started, Baker Tilly can help you prepare the application information during this short submittal window. For more information, please visit here to sign up: 48C Information Request Management Portal (bakertilly.digital)

Read the official release here.

The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.