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IRS Announces Opening Date for Low-Income Communities ITC Bonus Program Applications

Monday, May 13, 2024 - 11:38AM

The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced today that applications will open at 9 a.m. ET May 28 for the 2024 program year of the low-income communities bonus program for the Internal Revenue Code (IRC) Section 48(e) investment tax credit (ITC). All applications submitted in the first 30 days will be treated as being submitted on the same date at the same time. There are 1.8 gigawatts of capacity available for 2024, plus 325 megawatts of capacity carried forward from 2023. The bonus provision provides a 10% or 20% increase to the ITC for qualified solar or wind facilities in low-income communities.

The latest IRS guidance and deadlines for clean energy provisions of the Inflation Reduction Act of 2022 will be topics at the Novogradac 2024 Spring Renewable Energy Tax Credits Conference, Thursday and Friday in San Diego.

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