1. The DOE Qualified Advanced Energy Project Credit Program Applicant Portal (48C Portal) is now open for new round of allocations.
2. Interested manufacturers must submit concept papers by June 21 to be eligible for full application submission.
3. Round 2 of the program will provide up to $6 billion in tax credit allocations for clean energy manufacturing and recycling projects.
The Dept. of Treasury, Internal Revenue Service, and Dept. of Energy have announced that the DOE Qualified Advanced Energy Project Credit Program Applicant Portal (48C Portal) is now open for interested applicants to register for a new round of allocations. Interested manufacturers must submit concept papers by June 21 to be eligible to submit a full application. The first step in the application process is submitting a concept paper using the 48C Portal.
In Notice 2024-36PDF, the Treasury and IRS, in partnership with the DOE, announced up to $6 billion in a second round of tax credit allocations for projects that expand clean energy manufacturing, critical materials processing, recycling, and greenhouse gas emissions reduction at industrial facilities. Round 2 will total up to $6 billion, with $2.5 billion allocated to projects in designated 48C energy communities.
The 48C Program received significant interest in Round 1, with applicants seeking nearly $42 billion in tax credits. In the second step of the application process, applicants requested around $13.5 billion in tax credits, more than the $4 billion available in Round 1. All funding for Round 1 has been allocated, but interested parties can review Round 2 guidance and re-apply for an allocation.