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IRS Newswire May 22, 2024
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Issue Number: ???IR-2024-144
Inside This Issue
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*Department of Treasury, IRS and Department of Energy announce opening date for the Qualifying Advanced Energy Project Credit new allocation round***
WASHINGTON ? The Department of Treasury, Internal Revenue Service and Department of Energy (DOE) announced today that the DOE _Qualified Advanced Energy Project Credit Program Applicant Portal (48C Portal) [ [link removed] ]_ is now open for any interested applicants to register for a new round of allocations.
Interested applicants, including small-, medium- and large-sized manufacturers, must submit their concept papers by Friday, June 21 at 5 p.m., using the 48C Portal. DOE will accept full applications only on projects where concept papers were submitted prior to the June 21 deadline.
Submitting a concept paper is the first step in the application process. A concept paper must be submitted using the 48C Portal to be eligible to submit the full application.
On April 29, in _Notice 2024-36 [ [link removed] ]_, the Department of the Treasury and the Internal Revenue Service, in partnership with the DOE, announced up to $6 billion in a second round of tax credit allocations for projects that expand clean energy manufacturing and recycling, critical materials refining, processing and recycling and for projects that reduce greenhouse gas emissions at industrial facilities.
Round 2 substantially increases the overall amount of funding that can be allocated. Allocations for the new round will total up to $6 billion, with approximately $2.5 billion going to projects in designated _48C energy communities [ [link removed] ]_.
The 48C Program received significant interest from in Round 1. Applicants submitted concept papers seeking a total of nearly $42 billion in tax credits across all categories of projects. In the second step of the application process, applicants requested approximately $13.5 billion in tax credits, significantly more than the $4 billion available in Round 1.
All funding available for Round 1 has been allocated, however, interested parties that applied in Round 1 and did not receive an allocation are encouraged to review Round 2 guidance and re-apply for an allocation in Round 2.
More information can be found on the _Inflation Reduction Act of 2022 page [ [link removed] ]_ on IRS.gov and _Qualifying Advanced Energy Project Credit (48C) Program [ [link removed] ]_.
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