All articles tagged with #clean energy tax credits
Solar stocks plummeted after the Senate's budget bill maintained the full removal of clean-energy tax credits, extending the phaseout timeline and creating significant headwinds for solar and storage companies, with shares dropping between 17% and 35% in premarket trading.
The US Treasury Department has released detailed guidance on wage and apprenticeship requirements for projects utilizing clean energy tax credits. The proposed rules build on previous guidance and provide flexibility for fixing underpayment errors and for projects unable to hire apprentices. Companies that pay the prevailing wage and use qualified apprentices can earn five times the baseline value of tax credits. The guidance also includes provisions to waive penalties for wage errors if corrected within 30 days and a "good faith" exception for using registered apprenticeship programs if none are available. The Treasury and IRS are accepting public comments on the proposed rules until October 30.
The US Treasury Department and the IRS have released guidance on the Inflation Reduction Act's provisions to expand the reach of clean energy tax credits, including elective pay and transferability, to state, local, and tribal governments, non-profits, US territories, and rural energy co-ops. The new credit delivery mechanisms will enable more entities to take advantage of clean energy tax credits, creating good-paying jobs, lowering energy costs, and advancing American innovation. The proposed regulations clarify eligibility requirements and the process to claim and receive an elective payment or transfer a credit, with a formal 60-day public comment period.