U.S. Department of the Treasury Releases Final Rules on Investment Tax Credit to Produce Clean Power, Strengthen Clean Energy Economy

Final rules will provide additional clarity and certainty for project developers, helping to produce more clean power, build a strong clean energy economy, and create good-paying jobs.WASHINGTON – Today, the U.S. Department of the Treasury and the IRS released final rules for the Section 48 Energy Credit – also known as the Investment Tax Credit (ITC) – that will give clean energy project developers clarity and certainty to undertake major investments to produce more clean power and further strengthen America’s clean energy economy.For decades, the ITC has fueled U.S. clean energy development by providing a tax credit for investments in qualifying clean energy property – generally 30% of the cost of the project, although the level of the credit has varied over time and by technology.While the ITC has advanced clean energy projects, its effectiveness was limited by the need for recurring short-term and retroactive legislative extensions, creating