US seeks input on IRA’s clean energy tax incentives

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A 73MW solar plant in California. Image: Idemitsu Renewables.

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.

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.

6 June 2023
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