New guidance from the U.S. Treasury and IRS enable tax-exempt entities to get cash payments in the value of the climate-bill clean energy tax credits.
The Treasury Department and Internal Revenue Service on Wednesday released guidance that will enable state, city, local governments and other nonprofit entities to get cash payments in the value of the climate-bill clean energy tax credits.
A pickup truck drives on a road as wind electric power generation turbines generate electricity outside Medicine Bow, Wyoming on August 14, 2022. - According to a US Department of Energy website, approximately 19.5 percent of Wyoming's electric grid power is from wind with additional power capacity under construction.
"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," Podesta said. "That's a game-changer for our ability to spread the benefits of clean energy to every community in America." The Treasury and IRS also issued guidance on the specific application of another wonky-sounding but very important piece of the IRA — what's called "transferability."
They "will dramatically speed deployment, bring many governments and nonprofits to the table for the first time, and make it easier for businesses at the cutting edge of clean energy to benefit from the credits,""Projects and manufacturing plants will be built more quickly and affordably because of these credits, and more communities would benefit from the growth of the clean energy economy," Adeyemo told reporters.
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