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Renewable Energy News Briefs - November 2023

The U.S. Department of the Treasury, U.S. Department of Energy and the Internal Revenue Service (IRS) opened applications Oct. 19 for low-income communities’ bonus investment tax credits (ITCs). 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.

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The IRS published in the Sept. 16 Federal Register a notice and request for comments about the qualified advanced energy project credit. Notice 2023-18 seeks public response about the credit, defined in Internal Revenue Code (IRC) Section 48C, which directs $10 billion toward green energy projects that reequip, expand or establish a manufacturing facility. Comments are due Nov. 17.

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The IRS published a notice and request for comment in the Sept. 29 Federal Register announcing a proposed change to the form used to claim the renewable energy production tax credit. The revised Form 8835 will include information about the qualified facility, add lines for new credits and remove lines for expired credits. Comments should be received on or before Nov. 28 for consideration.

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Monarch Private Capital in September announced a quartet of tax credit equity closings. The financier will support 305 megawatts worth of installations in Mississippi, Tennessee and Texas. Cubico Sustainable Investments, Elawan Energy and Silicon Ranch are developing the sites.

 

Journal Category:

Renewable Energy Tax Credits

Authors:

Novogradac

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