IRS Announces Tax Bonus for Domestically Produced Iron

The agency released guidance on how to apply for a 10 percent tax credit.

 The Internal Revenue Service (IRS) released new tax guidance this past week, instructing companies on how to receive a 10 percent tax bonus for incorporating American-produced steel and iron in their projects. The guidance outlines required minimums for domestic iron and steel use and preliminary steps companies can take to receive the full 10 percent bonus in their tax filings.

“American workers and businesses are committed to making sure the United States economy benefits from the global transition to clean energy,” said Deputy Secretary of the Treasury Wally Adeyemo. “This should help companies make more clean power investments using U.S.-made equipment, generating new business for manufacturers and creating more good-paying jobs.”

As the Lord Leads, Pray with Us…

  • For Commissioner Werfel as he oversees the Internal Revenue Service.
  • For Deputy Secretary Adeyemo as he facilitates support for American manufacturing.

Sources: Department of the Treasury


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