Calfee Connections

On June 14, the U.S. Department of Treasury and the Internal Revenue Service released proposed regulations that seek to provide guidance for taxpayers looking to make use of Section 48D Advanced Manufacturing Investment Credit (CHIPS ITC) benefits.

Earlier this spring, the Department of Treasury published proposed rules with respect to the advanced manufacturing investment credit established under the CHIPS and Science Act. While these are just proposed rules surrounding the potential tax credit and are not yet set in stone, companies and manufacturers may already have questions about whether they stand to benefit. 

For companies that wish to receive manufacturing incentives in connection with the CHIPS and Science Act, the newly created CHIPS Program Office (CPO) at the U.S. Department of Commerce will begin accepting applications this spring.