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Navigating the 2024 Allocation Round of the Qualifying Advanced Energy Project Credit Program


The Department of Treasury and the Internal Revenue Service (IRS) have released Notice 2024-36, addressing owners of projects involved in clean energy manufacturing and recycling, greenhouse gas emission reduction, and critical materials.


Previous Notices

This notice follows up on previous actions, including Notice 2023-18 issued on February 13, 2023, which initiated the program and announced the first round of credit allocations. Subsequently, Notice 2023-44, issued on May 31, 2023, provided further program guidance, resulting in an allocation of approximately $4 billion in credits during the initial round.


Today's announcement marks the commencement of the second round of credit allocations, with $6 billion in credits yet to be allocated. Additionally, modifications to appendices A, B, and C of Notice 2023-44 have been introduced.


Opening Date

As in the prior round, the Department of Treasury and the IRS are collaborating with the Department of Energy (DOE) to identify suitable projects. The DOE's section 48C portal is set to open no later than May 28, 2024, allowing taxpayers to submit concept papers and initiate the process for securing a section 48C credit allocation.


For further details regarding IRS guidance, interested parties can refer to the Inflation Reduction Act of 2022 page on IRS.gov.


 

Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.


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