Rule2024-08494
Elective Payment of Advanced Manufacturing Investment Credit; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 22, 2024
Effective
April 22, 2024
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
This document contains corrections to Treasury Decision 9989, which was published in the Federal Register for Monday, March 11, 2024. Treasury Decision 9989 issued final regulations concerning the elective payment election of the advanced manufacturing investment credit under the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022.
Full Text
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<title>Federal Register, Volume 89 Issue 78 (Monday, April 22, 2024)</title>
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[Federal Register Volume 89, Number 78 (Monday, April 22, 2024)]
[Rules and Regulations]
[Page 29257]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-08494]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9989]
RIN 1545-BQ75
Elective Payment of Advanced Manufacturing Investment Credit;
Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final rule; correction.
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SUMMARY: This document contains corrections to Treasury Decision 9989,
which was published in the Federal Register for Monday, March 11, 2024.
Treasury Decision 9989 issued final regulations concerning the elective
payment election of the advanced manufacturing investment credit under
the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act
of 2022.
DATES: These corrections are effective on April 22, 2024 and for dates
of applicability see Sec. 1.48D-6(h).
FOR FURTHER INFORMATION CONTACT: Concerning these final regulations,
Lani M. Sinfield of the Office of Associate Chief Counsel (Passthroughs
and Special Industries) at (202) 317-4137 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9989) that are the subject of this
correction are under section 48D of the Internal Revenue Code.
Corrections to Publication
Accordingly, the final regulations (TD 9989) that are the subject
of FR Doc. 2024-04605, published on March 11, 2024, are corrected to
read:
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1. On page 17597, in the third column, the ninth line of the first full
paragraph is corrected to read ``Sec. 1.48D-6(b)(7)(iv) is revised in
the''.
0
2. On page 17600, in the first column, fourth line from the bottom of
the column is corrected to read, ``completed Form 3800 which may be''.
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3. On page 17605, in the third column, the second line from the bottom
of the column is corrected to read, ``credit. A partnership or S
corporation''.
Sec. 1.48D-6 [Corrected]
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4. On page 17608, in the third column, paragraph (c)(1)(iv)(A) is
corrected to read ``The taxpayer claiming to be an eligible taxpayer is
not a foreign entity of concern within the meaning of regulations under
section 48D and has not made an applicable transaction as defined under
regulations under section 50 during the taxable year that the qualified
property is placed in service; and''.
0
5. On page 17612, in the first column, the third line from the bottom
of paragraph (f)(3)(i) is corrected to read ``48D(d)(2)(A)(i)(I) and
paragraph (d) of''.
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6. On page 17612, in the second column, lines twenty-two through
twenty-nine of paragraph (f)(4) are corrected to read, ``$100,000. In
2025, the IRS determines that the amount of the section 48D credit
properly allowable to A Corp in 2023 with respect to Facility A (as
determined under regulations under section 48D that apply for purposes
of determining the amount of the section 48D credit and without regard
to the limitation based on tax in section 38(c)) was $60,000. A Corp is
not able to show''.
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7. On page 17612, in the third column, the second line of paragraph
(h)(2) is corrected to read, ``years ending before March 11, 2024,''.
Aron L. Cosby,
Federal Register Liaison, Publications & Regulations Branch, Legal
Processing Division, Associate Chief Counsel, (Procedure and
Administration).
[FR Doc. 2024-08494 Filed 4-19-24; 8:45 am]
BILLING CODE 4830-01-P
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</html>Indexed from Federal Register on April 22, 2024.
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