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9/27/2023 U.S. Department of the Treasury, U.S. Department of Energy, IRS Announce Date for Opening of Applications for Inve… U.S. Department of the Treasury, U.S. Department of Energy, IRS Announce Date for Opening of Applications for Investing in America Program to Spur Clean Energy Investments in Underserved Communities September 27, 2023 Program provides a 10 or 20-percentage point tax credit boost for solar and wind projects in low-income or Tribal communities WASHINGTON —Today, the U.S. Department of the Treasury, U.S. Department of Energy, and Internal Revenue Service (IRS) announced that applications for the Low-Income Communities Bonus Credit program under Section 48(e) of the Internal Revenue Code will open at 9am ET on October 19, 2023. To provide information about the application process ahead of this date, Treasury and the Department of Energy will be launching the program help desk and hosting a webinar about the application process on September 29; potential applicants can register for the webinar here. The webinar recording will be made available online a er the event for those who cannot attend. Additional materials to help applicants prepare their submissions will be made available on the Department of Energy landing page in the coming weeks. This groundbreaking program through President Bidenʼs Inflation Reduction Act — the largest climate investment in history — provides a 10 or 20-percentage point boost to the Investment Tax Credit for qualified solar or wind facilities in low-income communities. The goals of the program are to increase access to clean energy in low-income communities, encourage new market participants, and benefit individuals and communities that have experienced adverse health or environmental e ects or lacked economic opportunities. This program will advance President Bidenʼs Investing in America Agenda — a key pillar of Bidenomics — by lowering energy costs and providing breathing room for hard-working families, creating good-paying clean energy jobs in low-income and Tribal communities, and supporting small businesses. “One of the goals of President Bidenʼs Investing in America Agenda is to ensure all Americans benefit from the growth of the clean energy economy,” said Deputy Secretary of the Treasury Wally Adeyemo. “This new bonus incentive through the Inflation Reduction Act will drive investment to underserved communities to ensure they benefit from lower energy costs https://home.treasury.gov/news/press-releases/jy1765 1/4 9/27/2023 U.S. Department of the Treasury, U.S. Department of Energy, IRS Announce Date for Opening of Applications for Inve… and reduced pollution and health hazards. Treasury, in partnership with the Department of Energy, looks forward to opening applications for the program on October 19 and starting to make allocations by the end of the year.” As provided in previous guidance, the Low-Income Communities Bonus Credit Program will allocate 1.8 gigawatts of capacity available through competitive application for the 2023 program across four categories of qualified solar or wind facilities with maximum output of less than five megawatts. The IRS intends to allocate up to: 700 megawatts to facilities located in low-income communities; 200 megawatts to facilities located on Indian land; 200 megawatts to facilities that are part of federally-subsidized residential buildings, including housing supported by the Low-Income Housing Tax Credit and Section 8 of the Housing Act; and 700 megawatts to facilities where at least 50 percent of the financial benefits of the electricity produced go to households with incomes below 200 percent of the poverty line or below 80 percent of area median gross income. Depending on the availability of capacity, applications for the 2023 program are expected to be accepted through early next year. The Treasury Department and IRS may choose to reallocate capacity between categories in the event of oversubscription in any category, and unclaimed capacity will roll over into the 2024 program year, when another base 1.8 gigawatts of capacity will be available via application. For a full list of the Treasury Departmentʼs work to implement the Inflation Reduction Act, see below: August 16, 2022: Treasury Releases Initial Information on Electric Vehicle Tax Credit Under Newly Enacted Inflation Reduction Act October 5, 2022: Treasury Seeks Public Input on Implementing the Inflation Reduction Actʼs Clean Energy Tax Incentives FACT SHEET: Treasury, IRS Open Public Comment on Implementing the Inflation Reduction Actʼs Clean Energy Tax Incentives October 26, 2022: READOUT: Stakeholder Roundtable on Clean Power Generation and the Inflation Reduction Act October 27, 2022: READOUT: Stakeholder Roundtable on Climate Impact, Equity, and the Inflation Reduction Act https://home.treasury.gov/news/press-releases/jy1765 2/4 9/27/2023 U.S. Department of the Treasury, U.S. Department of Energy, IRS Announce Date for Opening of Applications for Inve… FACT SHEET: Four ways the Inflation Reduction Actʼs Tax Incentives Will Support Building an Equitable Clean Energy Economy October 31, 2022: READOUT: Stakeholder Roundtable on Investor Perspectives on Climate Change, Clean Energy, and the Inflation Reduction Act November 3, 2022: Treasury Seeks Public Input on Additional Clean Energy Tax Provisions of the Inflation Reduction Act November 4, 2022: READOUT: Stakeholder Roundtable on Clean Vehicles and the Inflation Reduction Act November 29, 2022: Treasury Announces Guidance on Inflation Reduction Actʼs Strong Labor Protections December 12, 2022: Treasury and IRS set out procedures for manufacturers, sellers of clean vehicles December 19, 2022: Treasury, IRS issue guidance on new Sustainable Aviation Fuel Credit December 22, 2022: IRS releases frequently asked questions about energy e icient home improvements and residential clean energy property credits January 17, 2023: Remarks by Deputy Secretary of the Treasury Wally Adeyemo at White House event “Lowering Costs: Inflation Reduction Act Briefing” January 29, 2023: Statement from Deputy Secretary of the Treasury Wally Adeyemo on Implementation of Strong Inflation Reduction Act Worker Protections February 3, 2023: Treasury Updates Vehicle Classification Standard for Clean Vehicle Tax Credits Under Inflation Reduction Act February 13, 2023: Treasury, Energy Release Guidance on Inflation Reduction Act Programs to Incentivize Investments in Underserved Communities, Hard-Hit Coal Communities March 22, 2023: Remarks by Assistant Secretary for Tax Policy Lily Batchelder on Implementation of the Inflation Reduction Actʼs Clean Energy Provisions March 31, 2023: Treasury Releases Proposed Guidance on New Clean Vehicle Credit to Lower Costs for Consumers, Build U.S. Industrial Base, Strengthen Supply Chains April 4, 2023: Treasury Releases Guidance to Drive Investment to Coal Communities https://home.treasury.gov/news/press-releases/jy1765 3/4 9/27/2023 U.S. Department of the Treasury, U.S. Department of Energy, IRS Announce Date for Opening of Applications for Inve… April 14, 2023: READOUT: Treasury Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities April 27, 2023: READOUT: Treasury Department Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities May 12, 2023: Treasury Department Releases Guidance to Boost American Clean Energy Manufacturing May 31, 2023: U.S. Departments of Treasury and Energy Release Additional Guidance on Inflation Reduction Act Programs to Incentivize Manufacturing and Clean Energy Investments in Hard-Hit Coal Communities June 14, 2023: U.S. Department of the Treasury, IRS Release Guidance on Provisions to Expand Reach of Clean Energy Tax Credits Through President Bidenʼs Investing in America Agenda June 15, 2023: U.S. Department of the Treasury, IRS Release Updated Guidance to Drive Additional Investment to Energy Communities August 4, 2023: Home energy audits may qualify for an Energy E icient Home Improvement Credit August 7, 2023: IRS: Builders of qualified new energy e icient homes might qualify for an expanded tax credit under Section 45L August 10, 2023: U.S. Department of the Treasury, IRS Release Final Rules and Guidance on Investing in America Program to Spur Clean Energy Investments in Underserved Communities August 29, 2023: U.S. Department of the Treasury, IRS Release Guidance on Inflation Reduction Act Provision to Ensure Good-Paying Clean Energy Jobs, Expand Clean Energy Workforce ### https://home.treasury.gov/news/press-releases/jy1765 4/4
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