Treasury Department rule encourages the construction of clean energy facilities for lower energy costs.
The Department of the Treasury issued a final rule and guidance for its new Low-Income Communities Bonus Credit Program. The program is an offshoot of the Internal Revenue Service’s (IRS) Investment Tax Credit and will allow low-income communities to file for up to a 20 percent tax credit on new solar and wind facilities in their area. Applications for the program will open by early fall.
“This new bonus incentive through the Inflation Reduction Act will drive investment to underserved communities to ensure they benefit from lower energy costs and reduced pollution and health hazards,” said Deputy Secretary of the Treasury Wally Adeyemo. “In partnership with the Department of Energy, we’ll be opening the application process and making awards to projects earlier than initially anticipated.”
As the Lord Leads, Pray with Us…
- For Treasury Secretary Janet Yellen as she oversees her department’s collaboration with energy officials.
- For Deputy Secretary Adeyemo as he facilitates the Low-Income Communities Bonus Credit Program.
Sources: Department of Energy
