{"id":105472,"date":"2024-04-02T14:17:27","date_gmt":"2024-04-02T18:17:27","guid":{"rendered":"https:\/\/\/?p=105472"},"modified":"2024-04-02T14:19:49","modified_gmt":"2024-04-02T18:19:49","slug":"first-round-of-48c-advanced-energy-ptc-dollars-distributed-by-doe","status":"publish","type":"post","link":"https:\/\/\/2024\/04\/first-round-of-48c-advanced-energy-ptc-dollars-distributed-by-doe\/","title":{"rendered":"First round of 48C Advanced Energy ITC dollars distributed by DOE"},"content":{"rendered":"
Details around the Inflation Reduction Act’s new Qualifying Advanced Energy Project Tax Credit (48C) have been released by the DOE, Dept. of the Treasury and IRS. This program is distributing $4 billion in credits for over 100 projects across 35 states that accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities. Of the $4 billion tax credits, $1.5 billion supports projects in historic energy communities.<\/p>\n
DOE is partnering with Treasury and IRS to implement the\u00a0Qualifying Advanced Energy Project Tax Credit<\/a>. Established by the American Recovery and Reinvestment Act of 2009, the \u00a748C Program was expanded with a $10 billion investment under the Inflation Reduction Act of 2022. At least $4 billion of the total $10 billion will be allocated for projects in designated \u00a748C energy communities<\/a> \u2014 communities with closed coal mines or coal plants as defined in Appendix C of IRS Notice 2023-44<\/a>. The \u00a748C Program provides an investment tax credit of up to 30% of qualified investments for certified projects that meet prevailing wage and apprenticeship requirements.<\/p>\n The \u00a748C Program received significant interest from industry in Round 1. Applicants submitted project proposals seeking a total of nearly $42 billion in tax credits across all categories of projects, including nearly $11 billion for projects in designated energy communities census tracts. DOE received approximately 250 full applications from projects requesting a total of $13.5 billion in tax credits. There was great variety in the size and scope of projects, with applicants requesting tax credits ranging from under $1 million to over $100 million.<\/p>\n Clean energy manufacturing and recycling: $2.7 billion in tax credits (67% of round 1 tax credits)<\/p>\n Critical materials recycling, processing, and refining: $800 million in tax credits (20% of round 1 tax credits)<\/p>\n Industrial decarbonization: $500 million in tax credits\u00a0(13% of round 1 tax credits)<\/p>\n For selected projects to receive the tax credit, information will need to be submitted to the 48C portal within two years to certify the project. Within an additional two years following project certification, the project must be placed in service.<\/p>\n As required by statute, the \u00a748C(e) program will publish the names of all organizations with certified projects and the amount of that allocation after projects are certified. Prior to certification, law prohibits the \u00a748C(e) program from providing identifying information about allocation recipients or their projects without the applicant\u2019s consent. Allocation recipients are not required to publicly share information about their allocation at this time, but some may choose to do so voluntarily. Allocation recipients who are interested in doing so may contact DOE about the potential to voluntarily participate in upcoming DOE announcements. Participation in upcoming announcements will not affect the recipient\u2019s allocation in any way.<\/p>\n Treasury and IRS will issue a notice for the second round of the \u00a748C program in the coming months, with the concept paper submission window anticipated this summer.<\/p>\n News item from DOE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Details around the Inflation Reduction Act’s new Qualifying Advanced Energy Project Tax Credit (48C) have been released by the DOE, Dept. of the Treasury and IRS. This program is distributing $4 billion in credits for over 100 projects across 35 states that accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.…<\/p>\n","protected":false},"author":1401,"featured_media":95088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[16,7],"tags":[5544],"class_list":{"2":"type-post","10":"entry","11":"has-post-thumbnail"},"acf":[],"yoast_head":"\nRound 1 allocations include:<\/h3>\n
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