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IRS Releases Guidance to Calculate Nuclear Power Credit - Bloomberg Tax

""energy policy" OR "climate" OR "nuclear power" OR "wind power" OR "solar power" OR "hydroelectric power" OR "petroleum" OR "natural gas" OR "air pollution" OR "greenhouse gas" " - Google News · last updated

IRS Releases Guidance to Calculate Nuclear Power Credit

The IRS released guidance detailing how taxpayers can calculate a tax credit for production of electricity from an advanced nuclear power facility on Thursday.

The guidance, Notice 2023-24, states that a facility’s credit for the taxable year is equal to the facility’s tentative credit—1.8 cents per kilowatt hours of qualified electricity—multiplied by the facility’s credit percentage. The facility’s credit percentage is determined by dividing the facility’s limitation on electricity it can produce by the nameplate capacity, or the total capacity of the facility.

- The new guidance from the IRS comes after the Bipartisan Budget Act of 2018 amended the ...

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