U.S. Division of Treasury & Vitality Announce Up To $6 Billion In Second Spherical Of Tax Credit score Allocations For Tasks Increasing Clear Vitality Manufacturing

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Yesterday, as a part of the Biden-Harris Administration’s financial agenda, the Division of the Treasury and the Inside Income Service, in partnership with DOE, introduced as much as $6 billion in a second spherical of tax credit score allocations for initiatives that increase clear vitality manufacturing and recycling and important supplies refining, processing and recycling, and for initiatives that cut back greenhouse fuel emissions at industrial services. DOE’s Workplace of Manufacturing & Vitality Provide Chains (MESC) manages the 48C(e) program on behalf of IRS and Treasury.

The Qualifying Superior Vitality Venture Credit score (48C) was established by the American Restoration and Reinvestment Act of 2009 and renewed and expanded below the Inflation Discount Act of 2022 (IRA). The 48C credit score is a tax credit score for investments in superior vitality initiatives, as outlined in 26 USC § 48C(c)(1). The IRA supplied $10 billion in funding for the expanded 48C(e) Qualifying Superior Vitality Venture Credit score Allocation Program (48C(e) program). To obtain the complete worth of a 48C credit score, initiatives should meet prevailing wage and registered apprenticeship requirements. On March 29, 2024, the IRS allotted roughly $4 billion of 48C credit for over 100 initiatives throughout 35 states, with roughly $1.5 billion allotted to initiatives in designated vitality communities.

“Each neighborhood can profit from President Biden’s agenda to Spend money on America by the revitalization of home manufacturing, the strengthening of home clear vitality provide chains and the modernization of our nation’s industrial sector,” stated Deputy Secretary of Vitality David Turk. “The steerage introduced at the moment, constructing on the preliminary $4 billion in allocations, will assist usher in investments that can additional spur the creation of high quality jobs in each pocket of our nation together with conventional vitality communities, whereas strengthening our vitality resilience and safety.”

Study extra.

Informational Webinar — Could 16, 2024 at 12:00 pm ET

DOE and Treasury will host a digital informational webinar for potential candidates on Thursday, Could 16, 2024 at 12:00 PM Jap Time. This webinar will present details about the second allocation spherical and put together and submit the idea paper. Webinar Registration.

Help 48C as a Reviewer — Now recruiting Spherical 2 Reviewers! 

Are you interested by supporting the implementation of this impactful program? The Workplace of Manufacturing and Vitality Provide Chains has thrilling alternatives to contribute to the § 48C Tax Credit score Program Utility benefit assessment course of. The § 48C Tax Credit score Program goals to play a important function to create high-quality jobs, cut back industrial emissions, and enhance home manufacturing of important clear vitality merchandise and supplies.

Study extra at Qualifying Superior Vitality Venture Credit score (48C) Program.