On June 3, 2024, Treasury issued proposed rules providing information on the technologies that qualify for 45Y and 48E clean electricity production and investment tax credits created by IRA sections 13701 and 13702. Among the technologies that qualify are wind, solar, geothermal, hydropower, and nuclear fusion. The proposed rules apply to projects placed in service in 2025 and later. The proposal explains how energy storage facilities can qualify for the investment credit as well as how low-output facilities claiming the investment credit can include costs for transmission and distribution improvements.
Public comments will be accepted through August 2, 2024. Treasury will hold public hearings on the proposed rules on August 12 and 13, 2024 at 10 am ET.
Opportunities for Participation and Additional Resources:
- Press Release: https://home.treasury.gov/news/press-releases/jy2376
- Proposed Rule: https://www.federalregister.gov/documents/2024/06/03/2024-11719/section-45y-clean-electricity-production-credit-and-section-48e-clean-electricity-investment-credit
- IRS Clean Electricity Production Credit Landing Page: https://www.irs.gov/credits-deductions/clean-electricity-production-credit