Par. 2. Sections 1.25C-0 through 1.25C-4 are added to read as follows:
(a) In general. No section 25C credit is allowed with respect to any item of specified property placed in service after December 31, 2024, unless such item is produced by a qualified manufacturer and the taxpayer includes the PIN of such item on the taxpayer's tax return for the taxable year. Paragraph (b) of this section provides rules for a manufacturer of specified property to meet the requirement under section 25C(h)(3) of the Code to register with the IRS and enter into an agreement with the IRS regarding PINs. Paragraph (c) of this section provides rules for a manufacturer of specified property to meet the requirement under section 25C(h)(3)(A) to assign a product identification number unique to each item of specified property they produce (PIN assignment requirement). Paragraph (d) of this section provides rules for a manufacturer of specified property to meet the requirement under section 25C(h)(3)(B) to label each such item of specified property, and rules regarding the timing of providing PINs to taxpayers (PIN labeling requirement). Paragraph (e) of this section provides rules for a manufacturer of specified property to meet the requirement under section 25C(h)(3)(C) to make periodic written reports to the IRS of the PINs assigned, including such other information as the Secretary may require under the section 25C regulations with respect to the items of specified property (periodic written report requirement).
(b) Qualified manufacturer registration and agreement —(1) General rule. For a manufacturer of specified property to become a qualified manufacturer, the manufacturer must, in accordance with this paragraph (b) and guidance, register with and enter into an agreement with the IRS (QM Registration Application and Agreement), certifying under penalties of perjury that the manufacturer will—
(i) Assign a PIN unique to each item of specified property produced by such manufacturer, using the methodology described in paragraph (c) of this section and in guidance;
(ii) Label each such item of specified property with the unique PIN and furnish the PIN to the consumer who purchases such item, in accordance with the rules provided in paragraph (d) of this section and in guidance;
(iii) Make periodic written reports to the IRS of the PINs assigned and such other information as the Secretary may require with respect to such items of specified property, in accordance with the rules provided in paragraph (e) of this section and in guidance; and
(iv) Provide such other information and certifications that the IRS may require in guidance, on https://www.irs.gov , or on the electronic portal used by a manufacturer to register as a qualified manufacturer or to submit periodic written reports.
(2) Manufacturers that can register to become qualified manufacturers —(i) General rule. Only a manufacturer producing specified property at the time of registration may register with the IRS to become a qualified manufacturer for purposes of section 25C.
(ii) Rule for multiple manufacturers. If more than one manufacturer participates in the production of the same product that is specified property, such manufacturers must follow the rules provided in guidance to determine which among them must register with the IRS to become a qualified manufacturer with respect to such property.
(3) Validation and administrative review of agreements. The IRS will validate and may reject a QM Registration Application and Agreement in accordance with guidance. If the IRS rejects a QM Registration Application and Agreement, then the manufacturer may request administrative review by the IRS of such rejection, as provided in guidance. Any IRS rejection of a QM Registration Application and Agreement is not subject to administrative appeal to the IRS Independent Office of Appeals.
(4) Revocation and suspension. The IRS may revoke or suspend a manufacturer's qualified manufacturer registration status in the IRS's sole discretion if the IRS concludes that the manufacturer is not adhering to the terms of its QM Registration Application and Agreement. If the IRS revokes or suspends a manufacturer's qualified manufacturer registration status, then the manufacturer may request administrative review by the IRS of the IRS's determination as provided in guidance. Any IRS determination relating to the revocation or suspension of a manufacturer's qualified manufacturer registration status is not subject to administrative appeal to the IRS Independent Office of Appeals.
(5) Voluntary discontinuance. A qualified manufacturer may voluntarily discontinue its qualified manufacturer registration status by following the procedures provided in guidance.
(c) PIN assignment requirement. Except as provided in guidance, for a manufacturer of specified property to be a qualified manufacturer, the manufacturer must assign a PIN unique to each item of specified property it produces, in accordance with paragraph (b)(1)(i) of this section and using the PIN Assignment System and other rules set forth in guidance.
(d) PIN Labeling requirement; Time to provide PIN to taxpayers —(1) In general. For a manufacturer of specified property to be a qualified manufacturer, the manufacturer must label each item of specified property it produces with a PIN unique to such item, in accordance with the requirements and rules set forth in guidance. Third-party labeling systems are not allowed, unless allowed by guidance.
(2) Time to furnish PINs to taxpayers. Qualified manufacturers must furnish PINs to taxpayers within the time frames set forth in guidance.
(e) Periodic written report requirement —(1) In general. For a manufacturer of specified property to be a qualified manufacturer, the manufacturer must submit periodic written reports to the IRS. A qualified manufacturer must follow the rules set forth in guidance regarding the required contents of the written reports, the attestation included with the written reports, the required timing and frequency with which to file the written reports, and the format of the written reports.
(2) Increased frequency of filing written reports. Notwithstanding guidance regarding the timing and frequency in which to file written reports, qualified manufacturers may submit written reports more frequently than required, provided that the other requirements relating to the written report are satisfied.
(3) Updating and rescinding written reports. If a qualified manufacturer wants to update or rescind certain information on a written report for a scrivener's error or missing PIN, the qualified manufacturer must follow the rules provided in guidance.
(f) Applicability date. This section applies to taxable years ending after [INSERT DATE OF PUBLICATION OF FINAL REGULATIONS IN THE FEDERAL REGISTER ].