On Friday, May 12, 2023, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-38 (the Notice) providing guidance regarding qualification for the domestic content bonus credit, which was added by the Inflation Reduction Act of 2022 (IRA), and is available to certain renewable energy projects that qualify for the production tax credit (PTC) and investment tax credit (ITC) if the project satisfies the domestic content requirements.
Background
