Notice 2024-60: Required procedures to claim section 45Q credit for sequestration of carbon oxide

Type
:
Obligation
Tax Area
:
Corporate Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
1 Jul
,
2024
Docxster’s Summary

The IRS has issued Notice 2024-60, which provides guidance on the procedures for claiming the Section 45Q credit for the sequestration of carbon oxide. The notice outlines the requirements for taxpayers to demonstrate that they have properly captured and disposed of carbon oxide, as well as the procedures for allocating the credit among multiple taxpayers. It also includes guidance on the recapture of the credit if the carbon oxide is released into the atmosphere.

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Source :
KPMG
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