Clean Energy Companies Race to Prepare Tax Credit Applications

Clean energy companies likely will have stiff competition as they rush to finish complicated applications to get a chunk of the tax credit funding from the Biden administration’s tax-and-climate law.

Treasury on Wednesday released additional guidance for companies looking to get a portion of the $10 billion allocation for the advanced energy projects tax credit program.

When the program was first enacted in 2009, more than 500 applications were received totaling in $8 billion of tax credit requests, according to the White House. The program was capped at $2.3 billion.

The guidance is extensive, tax professionals said, and companies ...