On November 22, 2023, the Internal Revenue Service (“IRS”) and the U.S. Treasury Department (“Treasury”) published Proposed Treasury Regulations (REG-132569-17) (the “Proposed Regulations”) providing long-awaited guidance and amending existing regulations relating to the investment tax credit (the “ITC”) under Section 48 of the Internal Revenue Code of 1986, as amended (the “Code”). The ITC provides a tax credit for investments in energy producing property. The Inflation Reduction Act of 2022 (the “IRA”) significantly expanded the types of projects that may qualify for the ITC, and as explained in our original QuickStudy on the Proposed Regulations, the Proposed Regulations seek to provide clarity and certainty regarding eligibility for the ITC to facilitate investment decisions for clean energy projects. The Proposed Regulations also serve to withdraw and repropose portions of other previously proposed regulations published on August 30, 2023 regarding the ITC (REG-100908-23) and supplement additional proposed regulations published on June 21, 2023 regarding the transferability of credits under Section 6418 of the Code (REG-101610-23).