The Treasury Department, the Internal Revenue Service, and the Department of Energy (DOE) announced today that the DOE Qualified Advanced Energy Project Credit Program Applicant Portal (48C Portal) is now open to all interested applicants to register for a new allocation round.
Interested manufacturers must submit their concept papers via the 48C Portal by Friday, June 21 at 5:00 PM. DOE will only accept complete applications for projects where concept documents are submitted by the June 21 deadline.
Submitting a concept paper is the first step in the application process. To be eligible to submit the full application, a concept paper must be submitted via the 48C Portal.
On April 29 at Notice 2024-36PDFthe Treasury Department and the IRS, in partnership with the DOE, announced up to $6 billion in a second round of tax credit allocations for projects that expand clean energy production and recycling, refining, processing and recycling of critical materials, and for projects that reduce greenhouse gas emissions at industrial facilities.
Round 2 significantly increases the total amount of funding that can be allocated. Allocations for the new round will total $6 billion, of which approximately $2.5 billion will go to projects in the designated countries 48C energy communities.
The 48C program received significant interest in Round 1. Applicants submitted draft documents requesting a total of nearly $42 billion in tax credits for all categories of projects. In the second step of the application process, applicants requested approximately $13.5 billion in tax benefits, significantly more than the $4 billion available in Round 1.
All available funding for Round 1 has been allocated, but interested parties who applied in Round 1 and did not receive an allocation are encouraged to review the Round 2 guidelines and reapply for an allocation in Round 2.
News item from the Ministry of Finance
