Cherry Bekaert: Industrial Manufacturing Cherry Bekaert

The Internal Revenue Service (IRS) released Notice 2023-38, which provides more details around domestic content requirements for taxpayers who qualify for bonus energy credit incentives. The additional tax credits are associated with investments in and the production of clean energy under Sections 45, 45Y, 48 and 48E. Dependent on the facilities and equipment used to make clean energy, the domestic content rules are fulfilled when a taxpayer verifies that a qualified facility meets two specific requirements. 
On this episode of the Industrial Manufacturing Podcast, Jason Hodell, Industrial Manufacturing Leader, and Ron Wainwright, Energy Tax Credits & Incentives Leader, discuss key Inflation Reduction Act of 2022 (IRA) provisions that will help clients maximize their tax credits.

This conversation includes:
Energy tax credits under the IRAIRA’s new credits and bonus credits Increase in tax credit amounts for domestic contentWhatto look for in an energy credit providerNew requirements to qualify for bonus energy credit incentivesRelated Guidance
Take Advantage of New Section 45L Tax Credit Opportunities Under IRAForm 7205: What A&E Firms Need To Know To Claim the Section 179D Tax DeductionEnergy Savings Revolution – Section 179D for Commercial BuildingsNotice 2022-61: Initial Guidance on Prevailing Wage and Apprenticeship Requirements for IRA Clean Energy Tax Credits

The conversation continues with Matt Brady, Cherry Bekaert’s Industrial Industry Leader, and Ron Wainwright, Strategic Tax Partner in our Tax Credits and Incentives Advisory group, as they unpack how to capitalize on industrial energy credits. Tune in for the fifth installment of Cherry Bekaert’s Deeper Dive Into New Ways to Monetize Energy Credits for the Industrial Industry regarding industry credit updates and best practices
In this podcast episode, our knowledgeable team takes a closer look at the American Manufacturing Credit and Manufacturing Production Credit within the CHIPS Act. Listen in to learn more about: 
CHIPS Act and IRA backgroundImplications to Manufacturers – Investment Tax Credit (48C) and Production Tax Credit (45X) New Direct Pay Option and Eligible CreditsTransferable CreditsDirect Pay and Transferable Credits Related Guidance
CHIPS Act Deep Dive Part 1: New Federal Funding for the Industrial Manufacturing Industry CHIPS Act Deep Dive Part 2: Advanced Manufacturing Investment Tax CreditCHIPS Act Deep Dive Part 3: American Manufacturing Credit and Manufacturing Production CreditCHIPS Act Deep Dive Part 4: Unpacking the Complexities of the Many Tax Credits Under the CHIPS Act and the IRA of 2022

As we wrap up the CHIPS Act Series, we briefly cover the Inflation Reduction Act of 2022 (IRA) and credits associated with CHIPS and IRA and their many impacts on the manufacturing industry. The focus of the discussion centers on a high-level view of the New Advanced Manufacturing Credit, Section 45X – the Advanced Manufacturing Production Credit, which take effect in 2023 and will provide a tax credit for eligible components. 
Listen in as Matt Brady, our Industrial Manufacturing Industry Leader, and Ron Wainwright, a Partner in our Tax Credits and Incentives Advisory practice, unpack the fourth and final installment of Cherry Bekaert’s Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act podcast series. 
Wainwright also covers the advanced energy project credit, which falls under Section 48C, an investment credit with a base credit of 6%, with a potential increase up to 30% if the qualifying wage requirements are met. 
Given the intricacies of the legislation and tax credits and provisions, our industry advisors plan to expand the series to address how industrial manufacturers can find new ways to monetize energy credits, dive into the 45Q credit around carbon oxide sequestrated and examine the “Technology Neutral” credits that may impact the industry.

See our previous podcasts in this series that you may have missed:
CHIPS Act Deep Dive Part 1: New Federal Funding for the Industrial Manufacturing Industry CHIPS Act Deep Dive Part 2: Advanced Manufacturing Investment Tax CreditCHIPS Act Deep Dive Part 3: American Manufacturing Credit and Manufacturing Production Credit

Part III: Digital Solutions for Recession Preparedness 
While manufacturers continue to battle inflation, increased interest rates, workforce shortages and supply chain challenges, it is becoming increasingly evident that leaders must also review their strategic and financial plans to ensure they are prepared for this recession risk. Join Joe Haehner, Industrial Manufacturing Partner, in this podcast series as he explores a variety of strategies manufactures can implement now to proactively rein in costs while simultaneously reinvesting in growth. 
In Part III of this series, Jim Holman, Director of Digital Advisory Services, provides insight into key process optimizations manufacturers can utilize to reduce operating costs, lower margins and subsequently increase revenue. In addition, he reviews best practices for partnering with vendors and suppliers, and he analyzes inventory sampling strategies to maximize labor utilization. 
We invite you to tune in to all podcasts in this series: 
Part I: Industry Economic Outlook – Chad Moutray, Chief Economist | National Association of Manufacturers
Part II: Identify and Implement Technology and Business Process Improvements – Steve Holliday, Director, Digital Advisory Services | Cherry Bekaert

Part II: Identify and Implement Technology and Business Process Improvements

While manufacturers continue to battle inflation, increased interest rates, workforce shortages and supply chain challenges, it is becoming increasingly evident that leaders must also review their strategic and financial plans to ensure they are prepared for this recession risk. Join Joe Haehner, Industrial Manufacturing Partner, in this podcast series as he explores a variety of strategies manufactures can implement now to proactively rein in costs while simultaneously reinvesting in growth. 
In Part II of this series, Steve Holliday, Director of Digital Advisory Services, provides insight into analyses manufacturers can utilize to understand the changing economic conditions and details helpful tools to both track areas of concern and trigger action. In addition, he will review best practices to prioritize cost opportunities and focus to the removal of costs
We invite you to tune in to all podcasts in this series: 
Part I: Industry Economic Outlook – Chad Moutray, Chief Economist | National Association of Manufacturers
Part III: Digital Solutions for Recession Preparedness – Jim Holman, Director, Digital Advisory Services | Cherry Bekaert 

Join Matt Brady, our Industrial Industry Leader, and Ron Wainwright, a Strategic Tax Partner in our Tax Credits and Incentives Advisory group, for the third installment of Cherry Bekaert’s Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act podcast series. 
In this podcast, our knowledgeable team take a closer look at the American Manufacturing Credit and Manufacturing Production Credit within the CHIPS Act.

The podcast covers the following areas:
Background on the CHIPS ActWhat funding is in the CHIPS Act?CHIPS for America Fund Department of Commerce Programs/Funding and Other ProgramsWhat does this mean for the U.S. with semiconductor manufacturing?Department of Commerce Programs/Funding and Other ProgramsStay tuned for Cherry Bekaert’s next CHIPS Act podcast that dives deeper into the American Manufacturing Credit and Manufacturing Production Credit.
See our previous podcasts in this series that you may have missed:
CHIPS Act Deep Dive Part 1: New Federal Funding for the Industrial Manufacturing Industry CHIPS Act Deep Dive Part 2: Advanced Manufacturing Investment Tax Credit