May 31, 2023: Unlock $10 Billion Clean Energy Tax Credit to Boost Green Investments
Starting May 31, 2023, businesses can apply for a $10 billion tax credit under the Inflation Reduction Act to promote clean energy manufacturing and sustainability projects across the U.S., with special focus on communities impacted by coal industry closures.
Two landmark programs are set to accelerate clean energy growth and economic revitalization in key U.S. communities.
On May 31, 2023, the IRS will begin accepting applications for a pivotal $10 billion tax credit aimed at advancing clean energy initiatives, as authorized by the Inflation Reduction Act. This initiative marks a significant milestone in the nation’s commitment to reducing carbon emissions and fostering sustainable energy solutions.
The $10 billion Qualifying Advanced Energy Project Credit is designed to incentivize clean energy manufacturing, recycling, and other environmentally conscious projects. Importantly, $4 billion of this funding is dedicated to supporting projects in areas affected by coal mine and coal-fired power plant closures, facilitating economic recovery and environmental restoration in these communities.
Additionally, the government has outlined guidelines for a complementary tax credit targeting solar and wind energy developments in low-income communities. Applications for this Low-Income Communities Bonus Credit will open later in 2023, aiming to ensure equitable access to clean energy benefits for Tribal nations, rural regions, and communities of color. This program seeks to generate well-paying jobs, reduce pollution, and drive sustainable economic growth in underserved areas.
John Podesta, White House Senior Advisor for Clean Energy Innovation and Implementation, emphasized, “These critical Inflation Reduction Act programs will lower energy costs for low-income families, expand access to clean energy solutions, and accelerate manufacturing investments, especially in traditional energy communities, strengthening U.S. energy security.”
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