The Treasury and the Internal Revenue Service have released Notice 2024-36 for owners of clean energy manufacturing and recycling projects, greenhouse gas emission reduction projects and critical material projects.
In February 2023, Notice 2023-18 announced establishment of the program and an initial allocation round of some $4 billion in credits under Sec. 48C of the Internal Revenue Code. The latest notice announces the second round of credit allocations for the program to allocate the remaining $6 billion in credits.
As in the prior allocation round, the Department of Treasury and the IRS are partnering with the Department of Energy to recommend projects.
To be considered for credits in Round 2, taxpayers must submit concept papers to the IRS through the Qualified Advanced Energy Project Credit Program Applicant Portal (48C Portal), accessible at, maintained by the Department of Energy. The DOE section 48C portal will open no later than May 28 for taxpayers to submit a paper.
More information about IRA guidance is on the Inflation Reduction Act of 2022 page of IRS.gov.
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