
The US Department of the Treasury and the Internal Revenue Service (IRS) have requested stakeholder input on the climate and clean energy tax incentives included in the country’s Inflation Reduction Act (IRA).
Six notices have been issued, requesting input on topics such as investment tax credits for PV plants and manufacturing tax credits, among others.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Nearly three-quarters of the IRA’s climate change investment – US$270 billion – is delivered through tax incentives.
Treasury secretary Janet Yellen said the department looks forward to engaging with stakeholders and the public who will benefit from the law’s provisions.
“The Inflation Reduction Act tackles the climate crisis head-on and strengthens President Biden’s historic effort to incentivise the energy sector to drive investment and dynamic economic growth,” she added.
Signed into law by Biden in August, the IRA is projected to increase US utility-scale solar capacity buildout by 86% over the next ten years, according to research firm Wood Mackenzie.
The Department of the Treasury said the notices provide an early way for stakeholders to submit information that can help inform its and the IRS’s work.
The department is set to convene several initial stakeholder roundtables in the coming weeks to hear from a range of voices.
More information on the notices can be found here.