Dear USET/USET SPF Family,
The Department of the Treasury has issued a Dear Tribal Leader Letter announcing a Tribal consultation on Section 48(e) of the Internal Revenue Code. Specifically, this consultation will focus on a Notice of Proposed Rulemaking (NPRM) for Additional Guidance on the Low-Income Communities Bonus Credit Program, which was established by the Inflation Reduction Act (IRA). Specifically, Section 48(e) increases credits for qualified solar and wind facilities in low-income communities and on Tribal Lands as defined in the Energy Policy Act of 1992 (23 USC 3501(2)).
Under initial Guidance for the Low-Income Communities Bonus Credit Program, the Internal Revenue Service outlined the general eligibility requirements, a description of the four statutory facility categories for which an eligible facility may request an allocation, amounts of capacity limitation reserved for each facility category, a general description of the program design and goals, the application review process, and the proposed timeline for opening two 60-day application periods in 2023 based on project categories. Treasury’s NPRM on the Additional Guidance contains proposed rules for the Low-Income Communities Bonus Program’s definitions and requirements regarding the program that would be applicable for calendar year 2023 and inform guidance applicable for future program years.
Details regarding this upcoming consultation are as follows—
To view Framing Questions for this upcoming consultation, please view the Dear Tribal Leader Letter. Comments on the proposed Additional Guidance are due Friday, June 30, 2023 and can be submitted to firstname.lastname@example.org.
For more information, please contact Brian Howard, USET SPF Senior Policy Analyst, at email@example.com.