On May 31, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Notice 2023-44 (the “Notice”), providing additional guidance on the program established under section 48C(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), to allocate $10 billion of tax credits for qualifying investments in eligible advanced energy projects (the “Advanced Energy Project Credit”). The Notice clarifies and modifies Notice 2023-18, issued on February 13, 2023, which established the Advanced Energy Project Credit program.1 Our prior coverage of Notice 2023-18 can be found here, and our prior coverage of the Inflation Reduction Act of 2022 can be found here and here.
