In accordance with the Inflation Reduction Act, the Department of the Treasury and the Internal Revenue Service today released guidelines for establishing a programme to deliver solar and wind electricity to certain low-income regions.
The Low-Income Communities Bonus Credit Program is established in PDF, which also offers preliminary advice to prospective applicants for allocations of the calendar year 2023 capacity constraint.
The general eligibility requirements, a description of the four statutory facility categories for which an eligible facility may request an allocation, the amounts of capacity limitations reserved for each facility category, a general description of the program’s design and goals, the application review procedure, and the proposed timeline for the opening of two 60-day application periods based on project categories in 2023 are all included in this initial guidance.
Owners of certain solar and wind installations installed in low-income neighbourhoods that qualify for the section 48 energy investment credit must abide by the advice in this document.
Further programme guidelines defining precise application methods, relevant terminology, and other material required to submit an application will be released by the Treasury Department and the IRS.
(Source Credit: This article was originally published by irs.gov : news on February 13th, 2023.)