Applications for Low-Income Community Bonus ITC Capacity to Open Oct. 19
Applications for low-income communities bonus investment tax credits (ITCs) will open Oct. 19 at 9 a.m. ET, the U.S. Department of the Treasury, U.S. Department of Energy and the Internal Revenue Service (IRS) announced today. The federal agencies will launch a program help desk and host a webinar on the application process Sept. 29. The low-income communities bonus program grants a 10% or 20% bonus credit for solar or wind ITCs in low-income communities. The bonus, a provision in the Inflation Reduction Act of 2022, allows the allocation of 700 megawatts of capacity this year through competitive applications. Depending on the availability of capacity, applications for the 2023 bonus credits will be accepted through early 2024.
Join renewable energy experts and industry leaders to discuss all the latest guidance and developments at the Nov. 2-3 at the Novogradac 2023 Fall Renewable Energy and Environmental Tax Credits Conference at the Park Hyatt in Washington, D.C. And in the meantime, download the Sept. 19 Tax Credit Tuesday podcast, the first in a series on renewable energy tax credit financing, focused on factors affecting clean energy structuring trends.