The Treasury Department and IRS Thursday released final rules on the tax-and-climate law’s bonus credits for solar and wind facilities in low-income communities.
Under the Inflation Reduction Act, taxpayers can receive tax-credit enhancements of 10 or 20 percentage points for certain energy projects in low-income communities. Companies must apply for allocations of the annual capacity limit to receive the bonus credit.
The final rules (TD 9979, RIN 1545-BQ81) further outline requirements to qualify, and the accompanying revenue procedure details how to apply for an allocation through the Department of Energy’s portal.
Those awaiting guidance applauded the rules Thursday.
“We ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.