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I have an Ingersoll-Rand T30 Model 2340, two stage industrial air compressor, 5 HP, 230 volt, single phase. With new motor rated at 22 amps, I am drawing 23 to 24 amps. What could be causing excess amps?

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A host of things, all relating to increasing the motor load.
Is this the air compressor startup amps, or the running amperage you note?
What does your motor spec say will be the inrush amperage? You may not have any issues at all. Check that and let us know as a comment, please.
Cheers,
Bill
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Amperage Concern
My concern is that 22 is the rated amperage, but it is drawing 23 to 24 running amps. The compressor does go through its cycle and shuts off at set pressure.
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Check your ammeter for accuracy when testing T30
You didn’t mention how you knew the amp draw of your motor, but if you used an induction type ammeter (clamp style), those are often slightly off. Try to get a quality meter and see what it says.
Also your motor being rated for 22 Amps is typical, but keep in mind that voltage is the other half of the HP equation. 1 HP is 746 Watts, so you’d think that 5 HP will be in the neighborhood of 3750 Watts. But Watts is also Voltage X Current, so if current is higher than expected, check to see if you have the required voltage. A bad connection or undersized wiring will reduce voltage, so the motor will use more amps to get back to it’s HP rating.
Check it out and see what you find.
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There are a few more things to consider to see if you have a problem. Look at the Service Factor (SF) specified on the motor plate. It specifies the overload that the motor will tolerate periodically without damage. If it is 1.15, for example, the motor will operator at 115% of its rated load without damage, as long as it does not do this a high percentage of the time. If you run the compressor intermittently and it only draws the 23-24 amps right before it shuts off, then you are probably ok. If you use the compressor every day… Read more »