IRS Releases Advanced Energy Project Tax Credit Guidance (1)

The IRS outlined the process and timeline to apply for the advanced energy project tax credit in guidance on Feb. 13.

Last year’s tax-and-climate law expanded the tax credit program under Section 48C, providing up to a 30% tax credit to taxpayers for different types of clean energy projects in an effort to reduce greenhouse gas emissions.

Notice 2023-18 provides initial guidance on how to apply for a portion of the $10 billion allocation of qualifying advanced energy project credits.

Projects that are located in energy communities will receive $4 billion of the funding.

The tax credit program was ...