The U.S. Dept. of the Treasury and the IRS have established the Low-Income Communities Bonus Credit Program to provide solar and wind power to certain low-income areas. The program, initiated under the Inflation Reduction Act, provides a boost of up to 20 percentage points to the Section 48 investment tax credit for solar and wind energy projects in low-income communities. IRS Notice 2023-17 provides initial guidance for potential applicants for allocations of 2023 capacity limitation. The notice outlines the program’s goals, including increasing clean energy facilities in low-income communities and encouraging new market participants. For more information: https://bit.ly/3RZc6cq
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