Proposed guidance has been issued by the Internal Revenue Service regarding implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit.
Established by the law commonly known as the Chips Act, the credit is aimed at providing incentivess for the manufacture of semiconductors and semiconductor manufacturing equipment within the United States
For any taxable year, the credit, available for property put in service after Dec. 31, 2022, is generally equal to 25 percent of an eligible taxpayer's qualified investment in an advanced manufacturing facility. Qualified property must be integral to the operation of the advanced manufacturing facility.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
