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IRS Newswire May 28, 2024
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Issue Number: ???IR-2024-149
Inside This Issue
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*Department of Treasury, IRS and Department of Energy announce opening of application portal for 2024 Program Year of the Low-Income Communities Bonus Credit Program*
WASHINGTON ? The Department of Treasury, Internal Revenue Service and Department of Energy (DOE) announced today that the application?portal for the 2024 _Low-Income Communities Bonus Credit Program [ [link removed] ]_?is now open.
Applications are being accepted beginning today at 9:00am ET, with a 30-day initial application window which concludes at 11:59 pm ET on June 27. During this 30-day initial application window all applications will be considered as submitted at the same date and time. Applications submitted after the 30-day application window will then be evaluated on a rolling basis.
Created by the Inflation Reduction Act, the Low-Income Communities Bonus Credit Program provides a 10 or 20 percentage point increase to the energy investment credit for solar and wind facilities under five megawatts (AC) that apply for and receive an allocation of environmental justice solar and wind capacity limitation.
Taxpayers that receive an allocation and properly place the facility in service may then claim the increased energy investment credit in the year that the facility is placed in service.
More information can be found on the?_Inflation Reduction Act of 2022 page [ [link removed] ]_?on IRS.gov.
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