WASHINGTON, D.C. – The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final regulations today on the Section 45X Advanced Manufacturing Production Tax Credit for solar, wind, and qualifying battery components, inverters, and applicable critical minerals. Following is a statement from Ray Long, President and CEO of the American Council on Renewable Energy (ACORE), on the final rule:

“Thanks to smart industrial policies, like the Advanced Manufacturing Tax Credit, America is in the middle of a true clean energy manufacturing renaissance. Over $75 billion has been invested in clean energy manufacturing in the last two years in projects that are now fully operational, including 42 American factories that employ 20,000 U.S. workers. This clean energy manufacturing renaissance will ultimately support more than 100,000 new manufacturing jobs nationwide.

“ACORE deeply appreciates the work the Treasury Department and the IRS did to finalize the Section 45X credit. The final rule issued today retains the applicability of direct pay and transferability, and provides needed flexibility for a broad range of U.S. businesses to fully leverage the benefits and create American jobs.

“While we continue to analyze the market impacts of the final rule, we look forward to our continued partnership with the agencies on regulations that further accelerate America’s clean energy transition. With constructive regulations and balanced trade policies, the U.S. can rise to a place of global leadership in clean energy manufacturing that will create more good-paying jobs, lower costs for businesses, secure our grid, and maximize American competitiveness.”

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About ACORE:
For over 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s leading voice on the issues most essential to renewable energy expansion. ACORE unites finance, policy, and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.

Media Contacts:
Alex Hobson
Sr. Vice President, Communications
American Council on Renewable Energy
hobson@acore.org | 202.830.3592 (o) | 202.594.0706 (c)

Dylan Helms
Associate, Communications
American Council on Renewable Energy
helms@acore.org | 202.935.6491 (o) | 727.290.8804 (c)

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https://acore.org/news/treasury-irs-release-final-regulations-for-the-advanced-manufacturing-tax-credit/