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Qualifying Advanced Energy Project Credit: Difference between revisions
Qualifying Advanced Energy Project Credit (view source)
Revision as of 23:16, 3 March 2025
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(Created page with "{{Program |ProgramName=Qualifying Advanced Energy Project Credit |ProgramType=Program |OrgSponsor=Office of Manufacturing and Energy Supply Chains |CreationLegislation=Inflation Reduction Act |Purpose=To incentivize investments in clean energy manufacturing and industrial decarbonization projects through tax credits. It aims to expand domestic clean energy manufacturing capabilities and reduce greenhouse gas emissions.<ref>{{cite web |url=https://www.energy.gov/mesc/qual...") |
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|ProgramType=Program | |ProgramType=Program | ||
|OrgSponsor=Office of Manufacturing and Energy Supply Chains | |OrgSponsor=Office of Manufacturing and Energy Supply Chains | ||
|TopOrganization=Department of Energy | |||
|CreationLegislation=Inflation Reduction Act | |CreationLegislation=Inflation Reduction Act | ||
|Purpose=To incentivize investments in clean energy manufacturing and industrial decarbonization projects through tax credits. It aims to expand domestic clean energy manufacturing capabilities and reduce greenhouse gas emissions.<ref>{{cite web |url=https://www.energy.gov/mesc/qualifying-advanced-energy-project-credit |title=Qualifying Advanced Energy Project Credit |accessdate=January 30, 2025}}</ref> | |Purpose=To incentivize investments in clean energy manufacturing and industrial decarbonization projects through tax credits. It aims to expand domestic clean energy manufacturing capabilities and reduce greenhouse gas emissions.<ref>{{cite web |url=https://www.energy.gov/mesc/qualifying-advanced-energy-project-credit |title=Qualifying Advanced Energy Project Credit |accessdate=January 30, 2025}}</ref> | ||
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|InitialFunding=$10 billion<ref>{{cite web |url=https://www.irs.gov/credits-deductions/qualifying-advanced-energy-project-credit |title=Qualifying Advanced Energy Project Credit |accessdate=January 30, 2025}}</ref> | |InitialFunding=$10 billion<ref>{{cite web |url=https://www.irs.gov/credits-deductions/qualifying-advanced-energy-project-credit |title=Qualifying Advanced Energy Project Credit |accessdate=January 30, 2025}}</ref> | ||
|Duration=Indefinite | |Duration=Indefinite | ||
|Historic= | |Historic=Yes | ||
}} | }} | ||
'''Qualifying Advanced Energy Project Credit (48C)''' is designed to incentivize investments in clean energy manufacturing and industrial decarbonization projects through tax credits. It aims to expand domestic clean energy manufacturing capabilities, reduce greenhouse gas emissions, and support energy communities by allocating credits for qualified investments in advanced energy projects.<ref>{{cite web |url=https://www.energy.gov/mesc/qualifying-advanced-energy-project-credit |title=Qualifying Advanced Energy Project Credit |accessdate=January 30, 2025}}</ref> | '''Qualifying Advanced Energy Project Credit (48C)''' is designed to incentivize investments in clean energy manufacturing and industrial decarbonization projects through tax credits. It aims to expand domestic clean energy manufacturing capabilities, reduce greenhouse gas emissions, and support energy communities by allocating credits for qualified investments in advanced energy projects.<ref>{{cite web |url=https://www.energy.gov/mesc/qualifying-advanced-energy-project-credit |title=Qualifying Advanced Energy Project Credit |accessdate=January 30, 2025}}</ref> | ||
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==History== | ==History== | ||
The Qualifying Advanced Energy Project Credit was initially authorized under the American Recovery and Reinvestment Act of 2009 but was significantly expanded through the | The Qualifying Advanced Energy Project Credit was initially authorized under the [[American Recovery and Reinvestment Act of 2009]] but was significantly expanded through the [[Inflation Reduction Act]] in 2022. This expansion included a new allocation of $10 billion in credits, focusing on clean energy supply chains and energy communities.<ref>{{cite web |url=https://www.irs.gov/credits-deductions/qualifying-advanced-energy-project-credit |title=Qualifying Advanced Energy Project Credit |accessdate=January 30, 2025}}</ref> The first allocation round was announced in 2023, followed by a second round in 2024, with significant projects aimed at clean technology manufacturing and industrial decarbonization. | ||
==Funding== | ==Funding== | ||
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* A two-phase application process where applicants first submit a concept paper followed by a full application if encouraged. | * A two-phase application process where applicants first submit a concept paper followed by a full application if encouraged. | ||
* DOE evaluates projects based on their potential impact on clean energy manufacturing, emissions reduction, and community benefits. | * DOE evaluates projects based on their potential impact on clean energy manufacturing, emissions reduction, and community benefits. | ||
* | * [[Internal Revenue Service]] allocates the credit based on DOE recommendations, with specific criteria for energy communities and critical technology areas. | ||
There's no defined end date for the program; it continues until the $10 billion in credits is fully allocated or additional funding is legislated. | There's no defined end date for the program; it continues until the $10 billion in credits is fully allocated or additional funding is legislated. | ||