Qualifying Advanced Energy Project 48C Credit Program
The Qualifying Advanced Energy Project Credit (48C) program aims to strengthen U.S. industrial competitiveness and clean energy supply chains. As the nation builds a net-zero economy, the 48C tax credit program aims to play a critical role to create high-quality jobs, reduce industrial emissions, and increase domestic production of critical clean energy products and materials. The Inflation Reduction Act provided $10 billion in new funding under § 48C(e), with at least $4 billion reserved for projects in certain energy communities with closed coal mines or retired coal-fired power plants, to allocate credits to projects in three categories: (1) Clean energy manufacturing and recycling, (2) greenhouse gas emission reduction, and (3) critical materials refining, processing, and recycling. This announcement for Round 1 of § 48C(e) makes available $4 billion for eligible projects, with approximately $1.6 billion reserved for projects in certain energy communities.
Applicants are required to submit an application narrative, an application workforce and community engagement plan, a business entity certification, an application data sheet, and appendix files. Applicants are encouraged to use the templates provided to assist with their submission; however, the applicants are not required to use this specific format. If another format is used, the applicant is responsible for providing the same information as specified in the applicable template. Please refer to Appendix B(II) of IRS Notice 2023-44 to learn more about the required application content requirements.
https://www.irs.gov/pub/irs-drop/n-23-44.pdf
Note the application submission deadline has been changed to December 26, 2023 at 5:00 PM ET.
Please use the GHG Emission Reduction data sheet updated on November 16, 2023.
FREQUENTLY ASKED QUESTIONS (FAQ)
Responses to questions are posted and will be updated at the following:
DOE: https://www.energy.gov/infrastructure/qualifying-advanced-energy-project-credit-48c-program?utm_medium=email&utm (FAQ section toward the middle of the page)
IRS: https://www.irs.gov/credits-deductions/frequently-asked-questions-about-the-qualifying-advanced-energy-project-48c-credit