IRS Kicks Off 2024 Allocation Round Of Qualifying Advanced Energy Project Credit Program

Key Takeaways:

• The application portal for the second round of applications for the Section 48C Qualifying Advanced Energy Project Credit Program will open no later than May 28, 2024.
• Concept papers must be submitted within 30 days of the date the Section 48C application portal opens.
• The remaining $6 billion in Section 48C credits (including $2.5 billion for projects in certain energy communities) under the Qualifying Advanced Energy Project Credit Program may be allocated in the second round, which would make this the final round for the program.

The Treasury Department and the IRS issued Notice 2024-36 to announce that the second allocation round of the qualifying advanced energy project credit program under Section 48C(e) will commence no later than Tuesday, May 28, 2024. For round two, the Treasury Department and the IRS anticipate allocating the remaining $6 billion of Section 48C credits, with approximately $2.5 billion in Section 48C credits to be