The Dept. of Treasury, Inner Income Service and Dept. of Power (DOE) introduced in the present day that the DOE Certified Superior Power Undertaking Credit score Program Applicant Portal (48C Portal) is now open for any candidates to register for a brand new spherical of allocations.
producers should submit their idea papers by Friday, June 21, at 5 p.m., utilizing the 48C Portal. DOE will settle for full functions solely on initiatives the place idea papers had been submitted previous to the June 21 deadline.
Submitting an idea paper is step one within the utility course of. An idea paper have to be submitted utilizing the 48C Portal to be eligible to submit the complete utility.
On April 29, in Discover 2024-36PDF, the Treasury and IRS, in partnership with the DOE, introduced as much as $6 billion in a second spherical of tax credit score allocations for initiatives that develop clear power manufacturing and recycling, vital supplies refining, processing and recycling and for initiatives that scale back greenhouse fuel emissions at industrial services.
Spherical 2 considerably will increase the general quantity of funding that may be allotted. Allocations for the brand new spherical will complete as much as $6 billion, with roughly $2.5 billion going to initiatives in designated 48C power communities.
The 48C Program acquired vital curiosity from in Spherical 1. Candidates submitted idea papers searching for a complete of almost $42 billion in tax credit throughout all classes of initiatives. Within the second step of the applying course of, candidates requested roughly $13.5 billion in tax credit, considerably greater than the $4 billion obtainable in Spherical 1.
All funding obtainable for Spherical 1 has been allotted, nevertheless, events that utilized in Spherical 1 and didn’t obtain an allocation are inspired to evaluation Spherical 2 steerage and re-apply for an allocation in Spherical 2.
Information merchandise from the Dept. of the Treasury
