As we expected, the updated guidelines for the Advanced Manufacturing Tax Credit (section 45x of the Inflation Reduction Act) apply a “substantial transformation” test for determining what counts as U.S. manufacturing, in order to qualify for the additional tax credits that the law offers for made-in-the-USA domestic content.
We now have confirmation that several of our key Nevados all-terrain tracker components will indeed qualify for the advanced manufacturing tax credit. This means we are already producing and shipping American-made steel torque tubes and structural fasteners that will help our customers meet these stringent requirements.
We’re excited to continue to scale our U.S. manufacturing operations, ensuring lower shipping emissions, avoiding delays, and creating great jobs in communities like Mount Pleasant, Texas. To see a sample of what this looks like for American workers and communities, please see the video below of the Priefert Steel factory where we’re now manufacturing, 120 miles east of Dallas.
We welcome your questions and look forward to working with our customers to maximize the tax incentives for which they can now qualify. Please contact us to learn more.