The IRS has announced the 2024 allocation round for the Qualifying Advanced Energy Project Credit under Section 48C. This credit provides incentives for businesses to invest in advanced energy projects. The IRS has also released updated guidance on the requirements for qualifying projects.
The IRS today released Notice 2024-36 providing comprehensive guidance for the upcoming 2024 allocation round of the qualifying advanced energy project credit program under section 48C(e).
The second allocation round, which aims to allocate the remaining approximately $6 billion in credits (with approximately $2.4 billion specifically reserved for projects located in section 48C(e) energy communities census tracts), will follow similar procedures and guidelines as the initial allocation round outlined in Notice 2023-18 (read TaxNewsFlash) and Notice 2023-44 (read TaxNewsFlash).
However, Appendices A, B, and C of Notice 2023-44 have been superseded by the respective appendices in Notice 2024-36.
The IRS announced that the DOE section 48C portal opened on May 22, 2024, for taxpayers to submit a concept paper and begin the process of seeking a section 48C credit allocation in the second allocation round. Read the IRS release—IR-2024-144 (May 22, 2024)
The IRS will make all round two allocation decisions no later than January 15, 2025.
Read the related IRS release—IR-2024-124 (April 29, 2024)
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