S.J.Res. 119 · 118th Congress · Senate

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".

Active· Read twice and referred to the Committee on Finance.
Introduced
Dec 5, 24
Passed Senate
Pending
Passed House
Pending
Sent to President
Pending
Signed into Law
Pending

Executive Summary

This joint resolution nullifies the final rule issued by the Internal Revenue Service titled Advanced Manufacturing Production Credit and published on October 28, 2024. The final rule provides guidance on the tax credit for the production and sale of solar and wind components, inverters, some battery components, and critical minerals, which was added by the Inflation Reduction Act of 2022. The rule, among other things, defines what produced by the taxpayer means for purposes of determining eligibility for the tax credit, details the requirements regarding sales between related and unrelated parties, and provides credit amounts and phase-out rules for certain components and critical minerals.

Action Timeline

2
  1. DEC 05, 2024IntroReferral

    Introduced in Senate

  2. DEC 05, 2024IntroReferral

    Read twice and referred to the Committee on Finance.

Committees

1

Finance Committee

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Referred: Dec 5, 2024

Active