taxnews.ey.comPrint

22 May 2024

IRS announces opening of second round of allocations for IRC Section 48C credits for qualifying advanced energy projects

The IRS announced today that the Department of Energy (DOE) portal for submitting concept papers for advanced energy projects applying for the second round of IRC Section 48C credit allocations will be open until June 21, 2024, at 5 p.m. EST. Applicants must submit a concept paper before submitting an IRC Section 48C(e) program application. The IRS released earlier guidance on the application process in Notice 2024-36 (see Tax Alert 2024-0909, which has been updated to reflect the submission deadline).

* * * * * * * * * *
Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor

Document ID: 2024-1040

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement