Washington, D.C. – The Business Council for Sustainable Energy (BCSE) submitted formal comments to the Department of Treasury and the Internal Revenue Service today in advance of federal guidance the agency will develop related to implementation of the clean energy tax credits in the Inflation Reduction Act.
“The clean energy incentives represent an historic milestone that was decades in the making and will put the U.S. on a path to meet its greenhouse gas emission reduction goals with strong and long-term federal policy support,” BCSE President Lisa Jacobson said.
“By deploying a broad portfolio of clean, homegrown energy technologies, we can increase and strengthen U.S. energy security, create millions of U.S. jobs, and cut greenhouse gas emissions. Congress recognized this by extending existing and establishing new, expanded, and modernized tax credits for a broad range of technologies, including renewable energy, energy efficiency, energy storage, sustainable transportation, hydrogen production, and carbon capture and storage, among other areas.”
BCSE submitted comments on two Treasury Department notices released October 5: Notice 2022-49, Clean Energy Generation Incentives in the Inflation Reduction Act; and Notice 2022-51, Prevailing Wage, Apprenticeship, Domestic Content, and Energy Communities Requirements, Included in the Inflation Reduction Act.
Given the fact that many of these credits are new and taxpayers are unfamiliar with how they can be utilized and accessed, BCSE encouraged the Treasury Department to allow taxpayers to comment on draft guidance before it becomes final and to act quickly so taxpayers have certainty about the rules surrounding the credits.
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