N-2020-12 & RP-2020-12: Beginning of Construction for the Credit for Carbon Oxide Sequestration under Section 45Q

Bookmark and Share

IRS.gov Banner
IRS GuideWire February 19, 2020

News Essentials

What's Hot

News Releases

IRS - The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions

IRS Resources

Compliance & Enforcement

Contact My Local Office

Filing Options

Forms & Instructions

Frequently Asked Questions


Taxpayer Advocate

Where to File

Issue Number:    N-2020-12 & RP-2020-12

Inside This Issue

Notice 2020-12 addresses the definition of “beginning of construction” for purposes of the carbon oxide sequestration credit under section 45Q. The Notice provides guidance to help businesses determine when construction has begun on a qualified facility or on carbon capture equipment that may be eligible for the section 45Q credit.

Revenue Procedure 2020-12 provides a safe harbor for partnerships to make valid allocations of the carbon oxide sequestration credit under section 45Q. The safe harbor is similar to those developed for partnerships receiving the wind energy production tax credit and the rehabilitation credit. The safe harbor simplifies the application of section 45Q credit rules to partnerships able to claim the credit.

Notice 2020-12 and Revenue Procedure 2020-12 will be published in Internal Revenue Bulletin 2020-11 on March 9, 2020.

Back to Top

Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.

This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message.