New 48C Tax Credit Will Spur Historic Investments in Manufacturing and Critical Materials

Source: www.gulfoilandgas.com 6/5/2023, Location: North America

As part of President Biden’s Investing in America agenda, the U.S. Departments of Energy (DOE) is partnering with the U.S. Department of the Treasury and the Internal Revenue Service (IRS) to implement $10 billion through the Qualifying Advanced Energy Project Credit(48C). The notice released last week allocates up to $4 billion to accelerate domestic clean energy manufacturing and ensure no community is left behind in the transition to clean energy technologies.

The Qualifying Advanced Energy Project Credit (48C)—established by the 2009 Recovery Act and expanded with a $10 billion investment under the Inflation Reduction Act—aims to strengthen U.S. industrial competitiveness and clean energy supply chains. As the nation builds a net-zero economy, the 48C tax credit 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. In particular, the 48C program provides a carve-out for projects in communities with closed coal plants and mines, where the existing infrastructure and workforce are well-suited to the demands of new clean energy manufacturing.


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