The Department of Treasury and the Internal Revenue Service today issued Notice 2024-36PDF for owners of clean energy manufacturing and recycling projects, greenhouse gas emission reduction projects and critical material projects.
On Feb. 13, 2023, the Department of Treasury and the IRS issued Notice 2023-18 to establish the program and announce an initial allocation round of credits. On May 31, 2023, the Department of Treasury and the IRS issued Notice 2023-44PDF to provide additional guidance for the program. Approximately $4 billion in credits were allocated in the first allocation round.
Today’s notice announces the second round of credit allocations for the program to allocate the remaining $6 billion credits. The notice also modifies appendices A, B and C of Notice 2023-44.
Like in the prior allocation round, the Department of Treasury and the IRS are partnering with the Department of Energy (DOE) to recommend projects. The DOE section 48C portal will open no later than May 28, 2024, for taxpayers to submit a concept paper and begin the process of seeking a section 48C credit allocation.