Internal Revenue Service (IRS)

The U.S. Department of Energy finalized its guidance interpreting the statutory definition of “foreign entity of concern” (FEOC) in Section 40207 of the Bipartisan Infrastructure Law. The FEOC interpretive guidance is designed to limit the participation of FEOCs in domestic battery supply chains and bolster the growth of domestic and friend-shored battery materials processing and manufacturing.

The Biden-Harris Administration’s economic agenda, the U.S. Department of the Treasury, the U.S. Department of Energy, and the Internal Revenue Service released additional information on key provisions in the Inflation Reduction Act to strengthen energy security and drive investment to hard-hit coal communities and underserved communities.

The U.S. Department of the Treasury and Internal Revenue Service released proposed guidance on the section 45X Advanced Manufacturing Production Credit established by President Biden’s Inflation Reduction Act, which is already creating good-paying American jobs by spurring a U.S. manufacturing boom in communities across the country, strengthening America’s energy security, and incentivizing onshoring of clean energy components and critical minerals in the U.S.

The U.S. Department of Energy released a notice of its proposed guidance and a request for public comment on its proposed interpretation of the statutory definition of “foreign entity of concern” (FEOC) in the Bipartisan Infrastructure Law, which is designed to limit the participation of FEOCs within domestic battery supply chains, particularly within government-supported programs, and bolster the growth of domestic and friend-shored battery materials processing and manufacturing.