"IRS Guidance Expands Tax Credits for Energy Communities and Offshore Wind Projects"

The IRS has issued Notice 2024-30, expanding rules for determining energy communities for production and investment tax credits under the Inflation Reduction Act. The notice identifies additional Metropolitan Statistical Areas and non-MSAs that meet the Fossil Fuel Employment threshold and qualify as energy communities. It also allows for increased credit amounts or rates if specific requirements are met, with three categories of energy communities outlined. The notice expands the Nameplate Capacity Attribution Rule and updates the frequently asked questions for energy communities.