IRS Rev. Proc.: Clean Electricity Investment Credit, Application Process for an Allocation of Capacity Limitation Part of Low-Income Communities Bonus Program (IRC §48E)

Guidance on the process under I.R.C. §48E(h) to apply for allocation of Capacity Limitation as part of the Clean Electricity Low-income Communities Bonus Credit Amount Program for 2025 and subsequent years, the IRS provided. Receipt of an allocation increases the amount of the lean electricity investment credit determined under §48E(a) for the taxable year in which the applicable facility, with which the allocation of Capacity Limitation is associated, is placed in service. Guidance is provided regarding: (1) the application process, including application review, documentation requirements, and placed in service reporting requirements; (2) requirement specific to the Additional Selection Criteria application ...