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Trimark’s Domestic Content Documentation Supports IRA Tax Bonus Claims
Trimark has a long history of buying devices that are manufactured in the U.S. So when the Inflation Reduction Act of 2022 (IRA) promised a 10% tax bonus for building clean power with domestically-produced products, Trimark had a giant head start.
“Because our systems monitor and control critical power infrastructure, Trimark buys U.S. manufactured equipment whenever possible,” stated Mark Morosky, Trimark President and CEO. “Our systems meet or exceed the requirements of the IRA. We’ve been dedicated to that principle for more than 23 years.”
Internal Revenue Service (IRS) Notice 2023-38 established guidance on the tax bonus and associated standards for domestic content. The rules are thoroughly explained by firms like McGuireWoods and Mintz.
“Country of origin and costs depend on many factors including the manufacturer, bid specifications, product availability, and more,” explained Kathryn Wright, Trimark’s Director Production & Field Services.
“Trimark tracks every component in every assembly by serial number,” added Wright. “That allows us to support independent Cost Segregation Studies with documentation on the country of origin, direct-cost certificates, and other required information.”
Compliance with IRA reporting standards is not trivial. According to a related KPMG document, “It is important to be thoughtful about how communications are prepared, how information is requested, validated and stored to minimize concerns. If needed, companies may consider engaging a third party to assist in collection of sensitive data on their behalf.”
Disclaimer: This document is not intended to provide accounting, business, or tax advice nor is it sufficient to avoid tax-related penalties. Trimark recommends that you consult with your tax advisor to research the applicability of this matter to your firm and/or projects.
About Trimark
Trimark Associates, Inc., the industry leader in complex metering and intelligent energy control, delivers industry-leading solutions to allow real-time operational control, enable informed management of power production operations, ensure regulatory compliance, and maximize revenue. Trimark’s turnkey products, engineering, and customer support services control, measure, and manage all aspects of power production that utility-scale power producers require to maintain peak business performance and achieve financial goals.
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