$4B Tax Credit Plan to Supercharge Domestic Clean Energy – Biden Administration Unveils!

$4 Billion Tax Credits Boost: US Government Supports 100+ Clean Energy Projects Across States

Biden’s Investing in America Agenda: Historic Energy Communities to Benefit from $4 Billion Clean Energy Push

The United States government, in collaboration with the Departments of Energy and Treasury, alongside the Internal Revenue Service, has announced a significant boost to domestic clean energy manufacturing and reduction of industrial greenhouse gas emissions. A total of $4 billion in tax credits will be allocated to over 100 projects across the nation, with a particular focus on supporting historic energy communities. This injection of funds aims not only to create more job opportunities but also to drive down energy costs, benefitting 35 states in the process. Managed by the DOE’s Office of Manufacturing & Energy Supply Chains, the Qualifying Advanced Energy Project Tax Credits (48C) program, initiated in 2009, has been expanded thanks to the Inflation Reduction Act of 2022, with an additional $10 billion investment.

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$4B Tax Credit Plan to Supercharge Domestic Clean Energy – Biden Administration Unveils!(PHOTO: White House)

Inflation Reduction Act Fuels Expansion of 48C Tax Credit Program to $14 Billion

Secretary of Energy Jennifer Granholm emphasized the significance of President Biden’s Investing in America agenda, highlighting its direct impact on communities historically involved in powering the nation. The renewed focus on clean energy manufacturing aligns with efforts to transition towards cleaner energy sources while ensuring that traditional energy communities remain integral to the economic benefits of this transition. The § 48C Program prioritizes projects in designated energy communities, particularly those with closed coal mines or coal plants, aiming to support their transition into the next wave of energy sources. With the results of the first round allocations and application overview showcasing a strong demand for tax credits, a second round of concept paper submissions is expected to open this summer, furthering the government’s commitment to bolstering clean energy manufacturing and reducing industrial greenhouse gas emissions nationwide.

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