IRS Releases Long-Awaited Section 45Q LCA Procedures
The IRS has released Notice 2024-60, providing crucial guidance under Section 45Q of the Internal Revenue Code for the utilization of carbon dioxide and other carbon oxides. This long-awaited notice, issued on July 24, 2024, outlines the procedures and requirements for submitting a life cycle analysis (LCA) report, a key component for taxpayers seeking to claim the tax credit for carbon utilization.