The Treasury Department and the Internal Revenue Service published final rules and a procedural guidance document for the Section 48E(h) Clean Electricity Low-Income Communities Bonus Credit Amount Program. The program will allocate bonuses to 1.8 gigawatts of clean electricity generation serving low-income communities from 2025 through at least 2032. The final rules make several changes to the program, including: (1) expanding eligibility of investment technologies from solar and wind to also include facilities utilizing zero-emission technologies like hydropower, geothermal, and nuclear; (2) clarify eligibility requirements for qualified low-income residential building projects; and (3) “creating opportunities for small businesses” by providing a pathway for emerging clean energy businesses to receive priority in applying for the program. The final rules are scheduled to be published in the Federal Register on Monday, January 13, 2025.
