The IRS and Treasury issued more guidance (Notice 2023-44) for applicants seeking section 48C credit allocations in the qualifying advanced energy project credit allocation program under the Inflation Reduction Act.
Earlier this year, Treasury and the IRS established the section 48C(e) program to allocate $10 billion in credits with at least $4 billion going to projects located in certain energy communities census tracts.
The guidance is primarily of interest to owners of clean energy manufacturing and recycling projects, greenhouse gas emission reduction projects, and critical material projects.
The newly issued updates past guidance from February 13 by better defining qualifying advance energy projects and the Department of Energy application process. Learn more.