IRA Archives - Solar Power World

Final IRS prevailing wage rules encourage project labor agreements

Kelsey Misbrener — Tue, 18 Jun 2024 13:42:59 +0000

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules today on prevailing wage and registered apprenticeship (PWA) requirements in the Inflation Reduction Act. As part of the Biden-Harris Administration’s Investing in America agenda, the final rules will help build a strong pipeline of highly skilled workers to support the growth…

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New finance company will help small businesses access IRA tax credits

Kelly Pickerel — Thu, 13 Jun 2024 12:00:43 +0000

Climate fintech company Giraffe Financial has launched a service specifically focused on making Inflation Reduction Act (IRA) tax credits accessible to underserved small- and medium-sized businesses and tax-exempt organizations such as local governments, schools and nonprofits. Giraffe streamlines the process of finding, claiming and monetizing IRA tax credits to help these organizations navigate what can…

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Treasury is asking for comments on updated ITC and PTC rules

Kelly Pickerel — Wed, 29 May 2024 13:40:06 +0000

The Dept. of the Treasury and IRS will soon release proposed guidance on the updated production tax credit (PTC) and investment tax credit (ITC). The Inflation Reduction Act sunsets the existing PTC (Sec. 45 of the tax code) and ITC (Sec. 48) by limiting their availability to projects beginning construction before 2025. They will instead…

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DOE opens 48C manufacturing tax credit portal for Round 2

Kelsey Misbrener — Wed, 22 May 2024 13:27:19 +0000

The Dept. of Treasury, Internal Revenue Service and Dept. of Energy (DOE) announced today that the DOE Qualified Advanced Energy Project Credit Program Applicant Portal (48C Portal) is now open for any interested applicants to register for a new round of allocations. Interested manufacturers must submit their concept papers by Friday, June 21, at 5…

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Schneider Electric buys 45X tax credits from Silfab

Kelsey Misbrener — Thu, 16 May 2024 17:13:50 +0000

Schneider Electric announced a collaboration with Crux, a sustainable finance technology company, to purchase Section 45X Advanced Manufacturing Production Tax Credits from Silfab Solar. Schneider Electric’s purchase of these tax credits generated supplemental investment funds for Silfab to accelerate its expansion plans for American manufacturing of solar energy for commercial and residential utilization. “We are…

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Treasury announces 2024 application opening date for low-income bonus credit program The department is also rolling over 325 MW of available capacity from 2023.

Kelsey Misbrener — Mon, 13 May 2024 17:33:43 +0000

Today, the U.S. Dept. of the Treasury and Internal Revenue Service (IRS) announced that applications will open at 9 a.m. ET on May 28, 2024, for the 2024 Program Year of the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code. All applications submitted within the first 30 days, by 11:59…

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The department is also rolling over 325 MW of available capacity from 2023. appeared first on Solar Power World.

In-house apprenticeship programs help contractors capitalize on IRA tax credits

Sara Carbone — Tue, 30 Apr 2024 12:00:20 +0000

After the 2022 passage of the Inflation Reduction Act (IRA), demand for solar apprentices rose significantly. In order for 1-MW and larger solar projects to qualify for the enhanced value of the IRA’s tax credits, they must meet certain prevailing wage and apprentice (PW&A) requirements. Projects that comply with PW&A are eligible for a five-times…

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IRS releases final rules for solar tax credit transferability

Kelsey Misbrener — Thu, 25 Apr 2024 15:34:24 +0000

The Dept. of Treasury and Internal Revenue Service issued final regulations today describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations. The Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors act (CHIPs) enable taxpayers to take advantage of certain…

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Biden Administration announces first manufacturers to qualify for 48C tax credits

Kelsey Misbrener — Fri, 19 Apr 2024 15:04:09 +0000

The U.S. Department of Energy (DOE) on April 19 released details for 35 projects across 20 states that voluntarily shared with DOE they received a total of $1.93 billion in allocations of the Qualifying Advanced Energy Project Credit (48C). 48C is an allocated tax credit funded by President Biden’s Investing in America agenda through the…

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First round of 48C Advanced Energy ITC dollars distributed by DOE

Kelly Pickerel — Tue, 02 Apr 2024 18:17:27 +0000

Details around the Inflation Reduction Act’s new Qualifying Advanced Energy Project Tax Credit (48C) have been released by the DOE, Dept. of the Treasury and IRS. This program is distributing $4 billion in credits for over 100 projects across 35 states that accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.…

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Application program for 2024 low-income communities ITC bonus opens Q2

Kelly Pickerel — Mon, 01 Apr 2024 11:53:41 +0000

The Dept. of the Treasury and Internal Revenue Service (IRS) have issued procedural guidance for 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. This program through the Inflation Reduction Act…

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IRS further defines energy community qualifications for IRA credit

Billy Ludt — Fri, 22 Mar 2024 18:21:47 +0000

The Dept. of the Treasury and Internal Revenue Service (IRS) released guidance that provides additional information about the bonus tax credit under the Inflation Reduction Act for clean energy projects in communities that have a history of fossil fuel extraction or production. The IRS issued Notice 2024-30 that expands certain rules for determining what an…

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Final IRS rules released on IRA direct pay and transferability

Kelly Pickerel — Tue, 05 Mar 2024 20:44:09 +0000

The Dept. of the Treasury and the Internal Revenue Service (IRS) released final rules on key provisions in the Inflation Reduction Act (IRA) to expand the reach of the clean energy tax credits. The IRA created two new credit delivery mechanisms — elective pay (otherwise known as “direct pay”) and transferability — that will help…

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Senate Democrats ask Treasury to require American-made wafers for solar panel domestic content bonus

Kelly Pickerel — Thu, 29 Feb 2024 16:30:09 +0000

A group of U.S. Senators sent a letter yesterday to Sec. of the Treasury Janet Yellen asking for her department to reconfigure guidelines set forth in the Inflation Reduction Act to encourage silicon solar wafer manufacturing in the United States. Sen. Jon Ossoff (D-GA) led the group of Senators pressing the Biden Administration for this…

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