WASHINGTON, D.C. – The U.S. Treasury Department and the Internal Revenue Service (IRS) released additional guidance on Friday on the energy communities bonus credit program. Following is a statement from Ray Long, President and CEO of the American Council on Renewable Energy (ACORE), on the update:

“We are very grateful for the clarity the Treasury Department provided today on an important provision that will help drive much-needed investment in disadvantaged communities. These communities deserve greater access to the good-paying jobs, affordable electricity, and pollution-free skies that clean energy provides.

“One of the noteworthy updates in Friday’s guidance was the expansion of the eligibility terms for offshore wind projects, a top priority for ACORE members. Allowing the location of the onshore control center to determine eligibility is a vital clarification that will significantly catalyze offshore wind development and help spur the economic revitalization of America’s portside communities.

“ACORE appreciates Treasury’s productive engagement thus far with stakeholders and looks forward to our continued work on the outstanding guidance and release of fair, timely, and practicable final rules across all facets of the clean energy tax package, including the publication of the long-awaited proposed regulations on domestic content.”

Background:

ACORE provided recommendations on the energy communities bonus credit in recent comments on the proposed regulations concerning the Section 48 Investment Tax Credit (ITC) released by Treasury and the IRS last November, which built from prior individual and joint comments on a range of pertinent issues. ACORE staff has also participated in multiple conversations and roundtables with the Biden Administration on the implementation of the IRA.

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https://acore.org/news/acore-statement-on-treasury-departments-updated-energy-communities-guidance/