Department of Treasury, IRS and Department of Energy announce opening of application portal for 2024 program year of the Low-Income Communities Bonus Credit Program
IR-2024-149, May 28, 2024
WASHINGTON — The Department of Treasury, Internal Revenue Service and Department of Energy (DOE) announced today that the application portal for the 2024 Low-Income Communities Bonus Credit Program is now open.
Applications are being accepted beginning today at 9:00am ET, with a 30-day initial application window which concludes at 11:59 pm ET on June 27. During this 30-day initial application window all applications will be considered as submitted at the same date and time. Applications submitted after the 30-day application window will then be evaluated on a rolling basis.
Created by the Inflation Reduction Act, the Low-Income Communities Bonus Credit Program provides a 10 or 20 percentage point increase to the energy investment credit for solar and wind facilities under five megawatts (AC) that apply for and receive an allocation of environmental justice solar and wind capacity limitation.
Taxpayers that receive an allocation and properly place the facility in service may then claim the increased energy investment credit in the year that the facility is placed in service.
More information can be found on the Inflation Reduction Act of 2022 page on IRS.gov
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
