SECTION 4. MODIFICATION

OF SECTION 10.01 OF NOTICE 2023-63 REGARDING RELIANCE REQUIREMENT

Section 10.01 of Notice 2023-63 is modified to read as follows:

.01 In general . It is anticipated that the forthcoming proposed regulations will provide that rules consistent with the rules described in sections 3 through 9 of this notice would apply for taxable years ending after September 8, 2023. Except as otherwise provided in this section 10.01, prior to the publication date of the forthcoming proposed regulations in the Federal Register, a taxpayer may choose to rely on the rules described in sections 3 through 9 of Notice 2023-63 for expenditures paid or incurred in taxable years beginning after December 31, 2021, provided the taxpayer relies on them in a consistent manner. Taxpayers are not required, however, to rely on all the rules described in sections 3 through 9 of Notice 2023-63. Taxpayers may not rely on the rules described in section 7 of Notice 2023-63 for SRE expenditures paid or incurred with respect to property that is contributed to, distributed from, or transferred from a partnership.