North American Windpower: DOE, Treasury Release $150M In Unused Section 48C Clean Energy Manufacturing Tax Credits

DOE, Treasury Release $150M In Unused Section 48C Clean Energy Manufacturing Tax Credits

by NAW Staff Thursday February 07 2013

The U.S. Department of Energy (DOE) and the U.S. Department of the Treasury have made available $150 million in advanced energy manufacturing tax credits for clean energy and energy efficiency manufacturing projects across the U.S.

The advanced energy manufacturing tax credit - often referred to as the Section 48c tax credit - was established by the American Recovery and Reinvestment Act to support investment in domestic clean energy and energy efficiency manufacturing facilities through a competitively awarded 30% investment tax credit.

The initial round provided $2.3 billion in credits to 183 projects across the country. The $150 million in tax credits are being made available now because they were not used by the previous awardees, the DOE says.

These remaining tax credits will be allocated on a competitive basis. Projects will be assessed by the DOE based on the following criteria: commercial viability, domestic job creation, technological innovation, speed to project completion, and potential for reducing air pollution and greenhouse-gas emissions. The DOE will also consider other factors, including diversity of geography, technology, project size and regional economic development.

The full solicitation is available on the Internal Revenue Service website.

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