Archive:June 12, 2023

Treasury and IRS Propose Regulations for Inflation Reduction Act’s Low-Income Communities Bonus Credit Program

By: Martha G. PughMary Burke Baker, and David Wang

On 1 June 2023, the US Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued a notice of proposed rulemaking (NOPR) regarding the Low-Income Communities Bonus Credit Program (Program) established under Section 48(e) of the Internal Revenue Code (Code), pursuant to the Inflation Reduction Act of 2022 (IRA).The Program provides for increases in the amount of energy investment credits available under Code Section 48(a) (Section 48(e) Increase) to certain applicants by allocating environmental justice solar and wind capacity limitation (Capacity Limitation) to qualified facilities.

Read More

Copyright © 2024, K&L Gates LLP. All Rights Reserved.