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.
The Internal Revenue Service (IRS) published in today’s Federal Register a notice and request for comments about the qualified advanced energy project credit.
The Internal Revenue Service (IRS) will publish proposed regulations in Wednesday’s Federal Register related to prevailing wage and apprenticeship requirements for projects to receive bonus clean energy tax credits included in the Inflation Reduction Act of 2022. Taxpayers can increase their credits or deductions by a factor of five–going from 6% to 30% for the investment tax credit (ITC), for example–if they meet the requirements for construction, installation, alteration or repair of a qualified property. The proposed guidance defines to whom the prevailing wage requirements apply, the statutory cure for failing to meet or incorrectly reporting prevailing wages and a provision that Treasury will waive penalties if there is a “qualifying project labor agreement” with workers. The proposed regulations require that qualified apprentices must perform 12.5% of total labor hours for facilities beginning construction in 2023 and 15% of total labor hours for facilities beginning construction Jan. 1, 2024, or later. The IRS released frequently asked questions document and a publication that provides an overview of the prevailing wage and apprenticeship requirements. Comments or requests for a public hearing must be received by Oct. 30 and a public hearing is scheduled for at 10 a.m. Nov. 21.
The Internal Revenue Service (IRS) will publish final regulations in Tuesday’s Federal Register for “adder” investment tax credit (ITC) percentages for solar or wind facilities built in low-income communities or in connection with federally subsidized residential buildings. The IRS and the U.S. Department of the Treasury also released a revenue procedure describing procedures to apply for allocation of the credits.
The U.S. Department of Housing and Urban Development (HUD) published updated guidance this week for public housing authorities (PHAs) and other properties participating in HUD multifamily assisted housing programs concerning financial benefits from participation in community solar energy programs or on-site solar facilities.
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