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Qualifying Advanced Energy Project Credit: Difference between revisions
Qualifying Advanced Energy Project Credit (view source)
Revision as of 00:04, 31 January 2025
, 31 January→Implementation
(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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==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. | ||