The American Clean Power Association (ACP) has welcomed new guidance from the US government on technology-neutral clean electricity production and investment tax credit for sections 45Y and 48E of the Inflation Reduction Act.
The proposed regulations would provide rules for: determining greenhouse gas emissions rates resulting from the production of electricity; petitioning for provisional emissions rates; and determining eligibility for these credits in various circumstances.
They would affect all taxpayers who produce clean electricity and claim the clean electricity production credit with respect to a facility or the clean electricity investment credit with respect to a facility or energy storage technology that is placed in service after 2024.
ACP chief advocacy officer JC Sandberg said: “We commend today’s proposed technology-neutral guidance that will help provide a stable, workable transition for energy market participants to the new emissions-based system for energy tax incentives.
“This continues the Administration’s thoughtful, growth-oriented approach to supporting America’s clean energy industry as we work to deliver reliable, low-cost, renewable energy to homes and businesses nationwide.
“The technology-neutral market incentives are essential to expanding America’s domestic clean energy production and strengthening our energy independence.”