![]() ![]() Notice 2023-18 offers important information about the application and certification process, including the types of qualifying projects and the criteria for judging applications. The application process for the first round of funding will begin on May 31, 2023, when the Department of Energy (DOE) will start accepting concept papers. ![]() The credit is also available for manufacturers that re-equip a facility to reduce carbon emissions by 20% and for equipment to process critical minerals. Manufacturers of renewable energy property, fuel cells, grid modernization equipment, carbon capture equipment, energy conservation technology, hybrid and electric vehicles and infrastructure, and equipment to produce, refine or blend any low-carbon or renewable fuel may qualify. The credit is potentially available to a broad range of activities that might not fit under specific definitions for other energy credits. It was resurrected in its current iteration by the Inflation Reduction Act (IRA). The program was originally created and funded in 2009 with a $2.3 billion one-time allocation. Taxpayers must apply to secure a portion of a limited $10 billion allocation, and competition for funding is likely to be intense. 3 establishing the advanced energy property credit program under Section 48C, which will provide a credit of up to 30% for a variety of different types of energy projects. The IRS released initial guidance ( Notice 2023-18) on Feb. ![]()
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