Treasury adjusts IRA tax credit to spur onshoring of critical mineral production

U.S. producers will be able to claim Inflation Reduction Tax credits for extraction costs associated with critical mineral production, the Treasury Department said on Thursday, issuing final guidance for an advanced manufacturing production tax credit officials say will bolster U.S. competitiveness and spur onshoring in critical clean technology sectors. The final guidance which will appear in the Federal Register on Monday, clarifies which solar, wind energy, battery and critical mineral components and processes are eligible for IRA tax credits. While...