Date: 04/29/2024
Type: Implementation of IRA
On April 29, 2024 Treasury, IRS, and DOE released guidance on the second round of allocations for the IRC section 48C Qualifying Advanced Energy Project Tax Credit, expanded by IRA section 13501, which includes funding for manufacturing and clean energy projects in historic energy communities with closed coal mines or coal power plants. The notice includes information on how parties can apply for $6 billion in allocations for the second round of section 48C funding, including $2.5 billion for energy community projects. Concept papers and applications must be submitted within 30 days of the opening of the section 48C portal, which will occur no later than May 28, 2024.
Opportunities for Participation and Additional Resources:
- Press release: https://home.treasury.gov/news/press-releases/jy2301
- Guidance: https://www.irs.gov/pub/irs-drop/n-24-36.pdf
- FAQs: https://www.irs.gov/credits-deductions/frequently-asked-questions-about-the-qualifying-advanced-energy-project-48c-credit
- DOE section 48C Landing Page: https://www.energy.gov/infrastructure/qualifying-advanced-energy-project-credit-48c-program