Yesterday, the U.S. Department of the Treasury, U.S. Department of Energy, and the Internal Revenue Service announced that applications for the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code will open at 9 a.m. ET on October 19, 2023. Please see the press release here: U.S. Department of the Treasury, U.S. Department of Energy, IRS Announce Date for Opening of Applications for Investing in America Program to Spur Clean Energy Investments in Underserved Communities | U.S. Department of the Treasury
WHAT YOU NEED TO KNOW:
Additional Details
Treasury and the U.S. Department of Energy will be launching the program help desk and hosting a webinar for all stakeholders with details about the application materials and process on September 29, 2023 at 1pm ET. The webinar recording will be made available online after the event for those who cannot attend.
- Register for the September 29th webinar here.
- Materials, including the final regulations, to help applicants prepare their submissions are available on the Department of Energy landing page: Low-Income Communities Bonus Credit Program | Department of Energy. This page will be updated with additional resources over the coming weeks so please continue to check back for updates.
This program, created through President Biden’s Inflation Reduction Act, provides a 10 or 20-percentage point boost to the energy investment credit for qualified solar or wind facilities that are in low-income communities or on Indian land, are part of affordable housing developments, or benefit low-income households. The program is intended to increase access to clean energy in low-income communities, encourage new market participants, and benefit individuals and communities that have experienced adverse health or environmental effects or lacked economic opportunities. Tribal Nations taking advantage of these tax incentives may be eligible
For more information, please contact Liz Malerba, USET SPF Director of Policy and Legislative Affairs, at lmalerba@usetinc.org.
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