IRS Issues NPRM Defining IRA Energy Communities for Production and Investment Tax Credits
Eligible applicants: forprofits, *. Applications are due: NA
Announcement Type: Notice of Proposed Rulemaking
Opportunity: Production and Investment Tax Credits
Overview and Eligible Uses: The Internal Revenue Service issued a notice that describes certain rules that the IRS intends to include in forthcoming proposed regulations for determining what constitutes an energy community for the production and investment tax credits.
The Inflation Reduction Act allows for increased credit amounts if certain requirements pertaining to energy communities are satisfied. There are three categories of energy communities defined: brownfield sites, certain metropolitan statistical areas and non-metropolitan statistical areas based on unemployment rates, and census tracts where a coal mine closed after 1999 or where a coal-fired electric generating unit was retired after 2009.
Amount: The increased credit amount available for meeting the requirements of the energy community provisions is generally 10% for the production tax credit and up to 10% for the investment tax credit.
Award Type: Production and Investment Tax Credits
Eligible Applicants: Owners and developers of clean energy projects, investors in qualified clean energy assets or businesses
Key Dates: The new regulations will apply to projects in taxable years ending after April 4, 2023
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