Goldman Sachs
February 13, 2026
FEOC Update from Treasury and IRS Interim Guidance
Sector ReportEquitiesMacro Economic IndicatorsIndustrialsInformation Technology
The US Treasury and IRS issued interim guidance (Notice 2026-15) regarding Foreign Entity of Concern (FEOC) rules for clean energy tax credits under the OBBBA. While providing immediate safe harbors, final rules are still pending, keeping a modest policy overhang on solar and storage stocks.
Key Takeaways
- 1.Treasury and IRS issued Notice 2026-15 providing interim guidance on FEOC rules for clean energy tax credits (45X, 45Y, 48E).
- 2.Interim safe harbor rules allow taxpayers to use cost tables from Notice 25-08 or supplier certifications until final rules are released.
- 3.Material Assistance Cost Ratio (MACR) thresholds have been established for construction starting in 2026, scaling up through 2030.
Table of Contents
- Overview
- Interim safe harbor guidance amid forthcoming tables
- PFE definition
- Material assistance cost ratio (MACR)
- Next steps
- Implications
- Disclosure Appendix
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Authors
Brian LeeKeshav ChoudharyTyler Bisset
Securities
FLNCNXTFSLRARRYSHLS
Themes
Clean Energy Tax Credits (IRA/OBBBA)Domestic Content and Supply Chain SecurityForeign Entity of Concern (FEOC) Restrictions
Regions
North AmericaAsia PacificUnited StatesChina