Tax Law and News Guidance on credit for sequestration of carbon oxide Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Jul 30, 2024 1 min read The IRS recently issued Notice 2024-60 to provide initial guidance on the credit for the sequestration of carbon oxide. This credit was amended significantly by the Inflation Reduction Act of 2022. The notice provided describes information that must be included in a written report, known as the lifecycle analysis (LCA) report, and provides the procedures a taxpayer must follow to submit the report along with required supporting information to the IRS and the Department of Energy for review. Before any credit is determined, the IRS must approve the lifecycle analysis of greenhouse gas emissions documented in the LCA report with respect to carbon capture property placed in service on or after Feb. 18, 2018. Accordingly, the IRS must approve the taxpayer’s LCA before the taxpayer may claim the utilization of carbon oxide credit. More information may be found on the Inflation Reduction Act of 2022 page on IRS.gov. Previous Post Pass-through entity taxation for business growth Next Post The Corporate Transparency Act and BOI Report Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Notify me of follow-up comments by email. Notify me of new posts by email. Δ Browse Related Articles Tax Law and News IRS guidance for domestic content bonus credit Tax Law and News IRS guidance on commercial clean vehicle credits Tax Law and News IRS provides guidance for employers claiming the Employ… Tax Law and News IRS Announces New Employer Tax Credit for Paid Family a… Tax Law and News Energy projects for low-income communities Tax Law and News IRS provides guidance for employers claiming the Employ… Tax Law and News Guidance for solar/wind-powered energy Tax Law and News IRS Issues Additional Guidance on Tax Treatment of Virt… Tax Law and News IRS Offers Tax Preparers Tips Following a Data Theft Tax Law and News Guidance for Adv. Manufacturing Investment Credit