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IRS Announces Opening of Second Round of Allocations Under IRC Section 48C

Monday, April 29, 2024 - 9:30AM

The Internal Revenue Service (IRS) today issued a notice announcing the second round of credit allocations under the Internal Revenue Code (IRC) Section 48C qualifying advanced energy project credit program. The $6 billion in credits are for owners of clean energy manufacturing and recycling projects, greenhouse gas emission reduction projects and critical material projects. Notice 2024-36 says that the Department of Treasury and IRS will partner with the Department of Energy (DOE) to recommend projects for allocation, with the DOE Section 48C portal opening no later than May 28 for owners to submit a concept paper and start seeking the credit allocation. The first round allocated $4 billion in credits. Today’s notice also modifies Appendix A, B and C of Notice 2023-44, which provided guidance for the program.

IRS guidance for clean energy is a topic at the Novogradac 2024 Spring Renewable Energy Tax Credits Conference, May 16-17 in San Diego.

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