IR-2024-142: IRS and Treasury issue release capacity limitation carryover amounts for the 2024 program year

IRS Newswire May 17, 2024
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2024-142 Inside This Issue IRS and Treasury issue release capacity limitation carryover amounts for the 2024 program year WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Announcement 2024-25 that provides the total amount of unallocated environmental justice solar and wind capacity limitation that has been carried over from the 2023 Low-Income Communities Bonus Credit program year to the 2024 program year. Additionally, this announcement states the distribution of the carried over capacity limitation among the facility categories, category 1 sub-reservations, and application options for the 2024 program year. The Inflation Reduction Act provides for an increase in the energy investment credit for solar and wind facilities that apply for and receive an allocation of environmental justice solar and wind capacity limitation. Taxpayers that receive an allocation and properly place the facility in service may then claim the increased energy investment credit in the year that the facility is placed in service. To provide information about the application process ahead of the application opening, Treasury and the Department of Energy (DOE) hosted a webinar open to the public about the 2024 program year application process on May 16, 2024, at 1:00 p.m. ET. Additional guidance including the 2024 Revenue Procedure, final regulations, and program resources to help applicants prepare their submissions are available on the DOE program homepage. Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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