The Inflation Reduction Act (IRA) established an energy investment credit program that incentivizes companies to build solar or wind energy facilities in low-income communities. The IRS has issued final regs and guidance (Revenue Procedure 2023-27) that provide definitions and requirements for the program. An increase in the credit for solar and wind facilities that receive an allocation of environmental justice solar and wind capacity limitation is provided for in the IRA. Four project categories are stated in the final regs, along with either a 10% or 20% credit increase depending on the project category. For additional details: https://bit.ly/3sdazXm
Our Blog 