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This revenue procedure provides the procedures and requirements that a manufacturer of specified property must follow to be treated as a “qualified manufacturer” (QM) under § 25C(h) of the Internal Revenue Code. Section 25C(h)(1) provides that no credit will be allowed under § 25C(a) with respect to any item of specified property placed in service after December 31, 2024, unless such item is produced by a QM and the taxpayer includes the qualified product identification number (PIN) of such item on the taxpayer’s tax return for the taxable year. This revenue procedure provides that a manufacturer that wishes to become a QM must register and enter into an agreement with the Internal Revenue Service (IRS), assign a PIN unique to each item of specified property, label such items, and make periodic written reports to the IRS of the PINs so assigned.
This notice extends the transitional FATCA reporting relief in Notice 2023-11 (with two additional requirements) and is intended to enable the IRS to continue to collect and analyze information relating to characteristics of accounts maintained by Model 1 Foreign Financial Institutions (FFIs) missing required U.S. TINs. This information will be used to develop any permanent relief for reporting Model 1 FFIs who continue to report with missing U.S. TINs for certain accounts.
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