48C advanced energy project credit: Recent IRS updates

Part of the Tax News & Views podcast series

To increase clean energy jobs and reduce the industrial sector’s greenhouse gas emissions, the IRS recently reestablished the 48C energy credit program under the IRA’s Advanced Energy bucket. Catch the latest episode to hear from Deloitte Tax specialists on the particularities of the program and what businesses need to know to evaluate their eligibility.

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48C advanced energy project credit: Recent IRS updates

For manufacturing companies, there’s a real focus on reducing carbon footprints and greenhouse emissions both with outsourced and owned facilities. The 48C credit program incentivizes these sustainable energy practices with tax credits allocation on capital investments for projects involving clean energy manufacturing and recycling, greenhouse gas emission reduction, and critical material. In this episode, Deloitte credits and incentives specialist, Carl Obradovich, and Gary Hecimovich from Deloitte’s Washington National Tax Group break down the program guidance, goals, and Department of Energy’s evaluation criteria, as well as next steps for eligible taxpayers.

Prior to the application, taxpayers will need to submit concept papers regarding projects, which the government will then review and provide a letter of encouragement or discouragement for a full application.

—Carl Obradovich

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