The IRS outlined the process and timeline to apply for the advanced energy project tax credit in guidance on Feb. 13.
Last year’s tax-and-climate law expanded the tax credit program under Section 48C, providing up to a 30% tax credit to taxpayers for different types of clean energy projects in an effort to reduce greenhouse gas emissions.
Notice 2023-18 provides initial guidance on how to apply for a portion of the $10 billion allocation of qualifying advanced energy project credits.
Projects that are located in energy communities will receive $4 billion of the funding.
The tax credit program was ...