{"id":105459,"date":"2024-04-01T07:53:41","date_gmt":"2024-04-01T11:53:41","guid":{"rendered":"https:\/\/\/?p=105459"},"modified":"2024-04-01T07:53:41","modified_gmt":"2024-04-01T11:53:41","slug":"application-program-for-2024-low-income-communities-itc-bonus-opens-q2","status":"publish","type":"post","link":"https:\/\/\/2024\/04\/application-program-for-2024-low-income-communities-itc-bonus-opens-q2\/","title":{"rendered":"Application program for 2024 low-income communities ITC bonus opens Q2"},"content":{"rendered":"

The Dept. of the Treasury and Internal Revenue Service (IRS) have issued procedural guidance<\/a>\u00a0for the 2024 program year of the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code. Treasury also announced the program would open for applications during the second quarter of 2024.<\/p>\n

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GRID Alternatives<\/p><\/div>\n

This program through the Inflation Reduction Act provides a 10 or 20% bonus to the Investment Tax Credit (ITC) for qualified small solar or wind facilities in low-income communities, on Indian land, as part of affordable housing developments, and benefitting low-income households.<\/p>\n

In the first year of the program<\/a> the administration received more than 46,000 applications within the first 30 days from communities across the country, signaling robust demand. This year, the government is unlocking 1.8 GW of additional capacity.<\/p>\n

\u201cThe first year of implementation saw sky-high demand for solar and wind power investments in underserved communities, and we expect that momentum to continue this year,\u201d\u00a0said U.S. Deputy Secretary of the Treasury Wally Adeyemo.\u00a0\u201cThese investments are creating jobs and lowering energy costs in communities that have long been held back by lack of investment, as well as providing new opportunities for small businesses in these communities to benefit from the growth of the clean energy economy.\u201d<\/p>\n

As provided in previous guidance, the Low-Income Communities Bonus Credit Program annually allocates 1.8 GW of capacity available through a competitive application across four categories of qualified solar or wind facilities with maximum output of less than 5 MW.<\/p>\n

The 2024 program will initially allocate up to:<\/p>\n