Treasury Department, IRS Release Final Guidance on Technology-Neutral Tax Credits

WASHINGTON, D.C. – The U.S. Division of the Treasury and the Inner Income Service (IRS) launched closing steering immediately on the technology-neutral tax credit, the Clear Electrical energy Manufacturing Credit score (Part 45Y) and the Clear Electrical energy Funding Credit score (Part 48E). Following is an announcement from Ray Lengthy, President and CEO of the American Council on Renewable Vitality (ACORE), on the ultimate guidelines:

“ACORE applauds the Treasury Division and the IRS for releasing a closing rule that modernizes the federal tax code. In the end, we now have a well-designed, technology-neutral, degree taking part in area for power tax coverage that may result in vital financial progress, job creation, and decrease prices for American shoppers.

“The technology-neutral tax credit score simplifies the tax code and is anticipated to reduce the common annual electrical invoice by $29-74 per family within the subsequent six years and $42-95 by 2035. This quantities to tens of billions of {dollars} in electrical energy price financial savings for U.S. households. Analysis additionally reveals how technology-neutral tax credit will spur an extra $336 billion in funding, 237 gigawatts of unpolluted power deployment, and a web acquire of 97,000 jobs over the following 15 years compared to a situation the place these tax credit should not current.

“That is actually a game-changing coverage, and we’re trying ahead to the inexpensive, dependable, clear electrical energy that it’s going to assist allow.”

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About ACORE: 
For over 20 years, the American Council on Renewable Vitality (ACORE) has been the nation’s main voice on the problems most important to wash power enlargement. ACORE unites finance, coverage, and know-how to speed up the transition to a clear power financial system. For extra data, please go to www.acore.org. 

Media Contact: 
Dylan Helms
Supervisor, Communications
[email protected]