Sens. Scott, Bennet Request Guidance on Storage Technologies Qualifying for the ITC
Sens. Tim Scott, R-S.C., and Michael Bennet, D-Colo., on Thursday wrote a letter to U.S. Secretary of the Treasury Steven Mnuchin requesting clarification on whether energy storage technologies qualify for the renewable energy investment tax credit (ITC) when added to an existing ITC-eligible technology. The senators requested that the clarification be included in the Internal Revenue Service’s (IRS’s) 2018-2019 Priority Guidance Plan. The IRS previously recognized that energy storage technologies are eligible for the ITC when installed at the same time as ITC-eligible technologies, but has not explicitly affirmed whether storage technologies are eligible when added to an existing ITC-eligible technology.