More than 800 draft documents have been filed with the IRS, Treasury and Energy departments. for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) program. The draft documents (project proposals) represent nearly $40 billion in tax credits, while representing $200 billion in total project investments.
Round 2 of the 48C program will distribute just $6 billion in credits, and 450 projects in 46 states and the District of Columbia were encouraged to apply for the next step. These projects include large, medium and small businesses and non-profit organizations, all of which must meet applicable wage and apprenticeship requirements to receive a 30% investment tax credit.
Applicants who have submitted a draft paper, regardless of whether they received a letter of encouragement or discouragement, can now submit a full application on the website 48C Portal. Applications must be submitted by Friday, October 18.
The 48C program, funded by the Inflation Reduction Act, is designed to accelerate domestic clean energy production and reduce greenhouse gas emissions at industrial facilities. DOE is working with the Treasury Department and the IRS to implement the Qualifying Advanced Energy Project Tax Credit (48C).
Round 1 of the program distributed $4 billion in credits to 100 projects earlier this year. Notable solar winners included Highland Materials for its polysilicon plant and SolarCycle for its recycled glass plant.
