Starting today, taxpayers can download all necessary application materials by visiting the Department of Energy’s 48C eXCHANGE portal. Entrepreneurs and businesses in these communities can take advantage of the public investment provided by the expanded Qualifying Advanced Energy Project Credit to jumpstart the process towards building this future. These communities have the existing infrastructure, resources, and know-how to play a leading role in America’s clean energy economy. Of the total $10 billion in tax credits to be allocated, at least $4 billion must go to qualifying projects in communities that have been directly impacted by the closure of a coal mine or coal-fired power plant. The program’s initial funding round will include up to $4 billion, with about $1.6 billion reserved for projects in coal communities.

Critical Materials Processing, Refining, and Recycling.

Clean Energy Manufacturing and Recycling.

Specifically, the tax incentive will be allocated for qualifying projects in the three following areas:

industrial competitiveness and clean energy supply chains. The Inflation Reduction Act provided $10 billion in new funding for the Qualifying Advanced Energy Project Credit program, aiming to strengthen U.S.

Additionally, the Department of Energy formally launched the program’s landing page. Today, Treasury and the IRS released new guidance that provides additional information about the application process and technical guidance for the program. Department of Energy, and the Internal Revenue Service (IRS) released additional information on the expanded Qualifying Advanced Energy Project Credit under section 48C of the Internal Revenue Code. Get Involved Show submenu for “Get Involved””Īs part of the Biden-Harris Administration’s Investing in America agenda, the U.S.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””.

Clearing a hard drive