Climate-bill tax credits now available for cities and nonprofits.

The US Department of the Treasury and Internal Revenue Service have released guidance on how tax-exempt entities, including state, city, and local governments, and nonprofits, can access tax credits included in the Biden administration's climate bill. The Inflation Reduction Act's tax credits provide ten years of policy certainty for the clean energy sector, and for the first time, tax-exempt entities will be able to receive a payment equal to the full value of the tax credit for building qualifying clean energy projects. The new guidance will enable schools to purchase electric buses, help schools retrofit and add rooftop solar to the roofs of their buildings, and help rural energy cooperatives invest in renewable energy.