Second Round of Tax Credit Allocations Announced by U.S. Department of Treasury & Energy for Clean Energy Manufacturing Projects Worth Up to $6 Billion

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Announcement of Tax Credit Allocations

The Department of the Treasury, IRS, and DOE have announced up to $6 billion in tax credit allocations for projects that promote clean energy manufacturing, recycling, critical materials refining, and greenhouse gas emission reduction at industrial facilities. The 48C(e) program, managed by DOE’s Office of Manufacturing & Energy Supply Chains (MESC), aims to support these initiatives.

Established under the American Recovery and Reinvestment Act of 2009 and expanded by the inflation reduction act of 2022, the Qualifying Advanced Energy Project Credit (48C) offers tax credits for investments in advanced energy projects. The recent allocation of $4 billion for over 100 projects, including those in designated energy communities, is a step towards achieving these goals.

Deputy Secretary of Energy David Turk emphasized the importance of investing in domestic manufacturing and clean energy supply chains to create jobs and enhance energy resilience. Learn more about the program here.

Informational Webinar – May 16, 2024

Join the virtual informational webinar hosted by DOE and Treasury on May 16, 2024, at 12:00 PM ET to learn about the second allocation round and how to submit the concept paper. Register for the webinar here.

Support 48C Program as a Reviewer

Contribute to the § 48C Tax Credit Program Application merit review process by becoming a reviewer. This program aims to create jobs, reduce industrial emissions, and boost domestic production of clean energy products. Get involved and learn more about the program here.

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Read More of this Story at – 2024-05-01 01:48:20

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