The Low-income Communities Bonus Credit: Applying for the Inflation Reduction Act’s Equity-Focused Allocated Incentive
The Inflation Reduction Act (IRA) has unleashed billions of dollars of new investments in American clean energy, including in communities that stand to benefit the most. While the IRA contains several provisions designed to advance environmental justice, economic justice, and equity, the low-income communities bonus credit is a unique, allocated credit that will ensure that many of the gigawatts of clean energy capacity projected to come online in the next decade are built in or will serve historically marginalized communities, including areas or built for households that meet the income criteria.
On August 10, the IRS released final rules that address how taxpayers can qualify for an additional 10% or 20% tax credit for solar and storage projects that are built in these areas or that serve low-income customers. The U.S. Departments of the Treasury and Energy will accept applications for initial allocations of the bonus credit beginning on October 19 through early 2024, depending on available capacity.
Join SEIA to hear from government leaders implementing this historic program, including Q&A, where you will hear about:
- An overview of the program and final rules
- How to apply for the credit
- Attestation requirements
- Governmental resources available to support interested taxpayers
- Anisha Steephen, Senior Advisor and Counselor to the Secretary for Racial Equity, U.S. Department of the Treasury
- Rebecca Feuerlicht, Chief of Projects, Office of Energy Justice Policy and Analysis, U.S. Department of Energy
- Erika Symmonds, Vice President of Equity & Workforce Development, SEIA
Original Air Date:
October 24, 2023