Date: 01/10/2025
Type: Implementation of IRA
On January 10, 2025, Treasury announced the completion of the second round of credit allocations for Section 48C Advanced Energy Project Tax Credits. Applicable for programs seeking to “expand US clean energy manufacturing and recycling capacity,” “expand US critical materials processing and refining capacity” and “drive process efficiency and reduce greenhouse gas emissions at US industrial facilities,” funding across two rounds (250 projects) totaled $10 billion. $4 billion went to designated “energy communities…with closed coal mines or coal plants.”
Section 48C tax credits are funded by IRA section 13501, expanding tax credits originally from the American Recovery and Reinvestment Act of 2009.