IRA Archives - Solar Power World

45X tax credit transfers strengthen US solar manufacturing

Kelsey Misbrener — Wed, 05 Feb 2025 13:00:46 +0000

The Inflation Reduction Act’s tax credit transferability provision has helped difficult solar projects get financed and given more entities the chance to invest in solar. Transferability is now also helping solar manufacturers build their stateside operations by maximizing 45X manufacturing credits. The 45X Advanced Manufacturing Production Credit is offered to domestic manufacturers of eligible solar…

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What does “safe harboring” mean for the solar industry?

Kelsey Misbrener — Tue, 28 Jan 2025 13:00:28 +0000

Solar projects 1 MW and larger that qualify for the investment tax credit (ITC) or production tax credit (PTC) and accompanying Inflation Reduction Act bonus credits aren’t finished overnight. Timelines for securing financing, completing design and permitting and actually installing a project are a measure of years, not days. Financiers looking to invest in IRA…

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Trump calls for review of Inflation Reduction Act provisions

Kelly Pickerel — Wed, 22 Jan 2025 13:17:17 +0000

In his first day in office, President Donald Trump initiated a 90-day review of aspects of the Inflation Reduction Act and the Infrastructure Investment and Jobs Act. This would pause disbursements of certain funds, including grants and loans, until a review of the legislation to ensure alignment with the new administration’s energy policy. This is…

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American-made solar wafers given more weight in latest domestic content bonus guidance

Kelly Pickerel — Thu, 16 Jan 2025 13:52:43 +0000

The U.S. Dept. of the Treasury and Internal Revenue Service (IRS) have released additional guidance on the Inflation Reduction Act’s domestic content bonus (45X) for the PTC and ITC. The groups released their final rules last year. The latest guidance updates and builds upon the domestic content safe harbor that provides clean energy developers the…

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Treasury releases final rules for IRA low-income bonus credit The application period opens on January 16 and now includes more clean energy technologies.

Kelsey Misbrener — Wed, 08 Jan 2025 15:04:48 +0000

On January 8, the U.S. Department of the Treasury and the IRS released final rules and procedural guidance for the Section 48E(h) Clean Electricity Low-Income Communities Bonus Credit Amount Program. The 48E(h) program is an expansion of the first-of-its-kind 48(e) bonus credit designed to lower home energy costs and spur clean energy investments in low-income…

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Treasury posts final rules for new technology-neutral clean energy tax credits

Kelsey Misbrener — Wed, 08 Jan 2025 13:19:30 +0000

On January 7, the Dept. of the Treasury and the IRS released final rules for the Clean Electricity Investment and Production Tax Credits — also known as the technology-neutral credits — in tax code sections 45Y and 48E. The Clean Electricity Credits encourage innovation by allowing new zero-emissions technologies to develop over time, while also…

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Treasury releases final rules on Sec. 48 ITC

Kelly Pickerel — Thu, 05 Dec 2024 12:43:10 +0000

The Dept. of the Treasury and the IRS have released the final rules for the Sec. 48 Energy Credit – also known as the federal investment tax credit (ITC). For decades, the ITC has fueled U.S. clean energy development by providing a tax credit for investments in qualifying clean energy property – generally 30% of the…

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Congress begins process to block 45X advanced manufacturing tax credit

Kelly Pickerel — Wed, 20 Nov 2024 20:40:05 +0000

Just a few weeks after elections in the United States, two new congressmen have attached their names to legislation that would prevent Chinese companies from accessing credits available in the Inflation Reduction Act. U.S. Reps. John Moolenaar (R-MI) and Jared Golden (D-ME) introduced bipartisan legislation to block implementation of the Dept. of the Treasury’s final…

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Final IRA direct pay rules allow co-owned solar projects to collect benefits

Kelsey Misbrener — Tue, 19 Nov 2024 14:59:31 +0000

Today, the U.S. Department of the Treasury and the IRS released final regulations for the direct pay provisions in the Inflation Reduction Act that will help entities that co-own clean energy projects access clean energy tax credits. Prior to the Inflation Reduction Act, many entities — like state and local governments, Tribes and territories, public school…

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Treasury releases final rules for 45X domestic manufacturing tax credits

Kelsey Misbrener — Thu, 24 Oct 2024 13:54:59 +0000

Today, the U.S. Department of the Treasury and the IRS released final rules for the Advanced Manufacturing Production Credit (Section 45X of the Internal Revenue Code), to spur continued growth of U.S. clean energy manufacturing as part of President Biden and Vice President Harris’ Investing in America Agenda. The final rules announced today are largely in line with…

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Solar wafer manufacturing qualifies for 25% CHIPS ITC

Kelly Pickerel — Tue, 22 Oct 2024 14:48:41 +0000

In addition to qualifying for various credits established in the Inflation Reduction Act, silicon ingot and wafer manufacturing operations for the solar industry can take advantage of the 48D Advanced Manufacturing Investment Credit (CHIPS ITC) created in the CHIPS and Science Act. Final rules for the CHIPS ITC were released today by the Treasury Dept.,…

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Empact partners with Crux to connect project developers with tax credit buyers

Kelsey Misbrener — Mon, 16 Sep 2024 18:01:27 +0000

Empact Technologies, a provider of IRA compliance management software and services, and Crux, the sustainable finance company, have jointly announced a new partnership. The collaboration enables Crux to directly connect project developers and tax credit buyers to Empact for tax credit compliance, and Empact to connect project developers to the Crux platform to monetize project…

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IRA low-income bonus credit kick-starts 800 solar projects on affordable housing developments A Treasury report analyzed the success of the first year of the new bonus credit.

Kelsey Misbrener — Wed, 04 Sep 2024 18:55:10 +0000

Today, the U.S. Department of the Treasury released a report with new data on the success of the 2023 program year of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program. The report demonstrates how the program is lowering American families’ energy costs as part of the Biden-Harris Administration’s economic agenda. About $3.5 billion in…

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A Treasury report analyzed the success of the first year of the new bonus credit. appeared first on Solar Power World.

Treasury updates proposed rules for IRA low-income bonus credit

Kelsey Misbrener — Tue, 03 Sep 2024 15:40:50 +0000

On August 30, the U.S. Dept. of the Treasury and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking (NPRM) for 48E(h), the Clean Electricity Low-Income Communities Bonus Credit Program, created by the Inflation Reduction Act. The program promotes cost-saving clean energy investments located in low-income communities, on Indian lands, within affordable housing…

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450 projects invited to apply for Round 2 of 48C advanced energy tax credit

Kelly Pickerel — Fri, 30 Aug 2024 12:29:14 +0000

More than 800 concept papers were submitted to the IRS, Treasury and Energy Depts. for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program. The concept papers (project proposals) equate to nearly $40 billion in tax credits while representing $200 billion in total project investments. Round 2 of the 48C Program will…

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