U.S. Departments of the Treasury and Energy Release Additional Guidance on Inflation Reduction Act Programs to Incentivize Manufacturing and Clean Energy Investments in Hard-Hit Coal Communities

The Biden-Harris Administration Announces Upcoming $6 Billion Tax Credit Allocation Round to Build Clean Energy Supply Chains and Drive Advanced Energy Project Investments, Including Approximately $2.5 Billion Reserved for Historic Energy CommunitiesWASHINGTON – Today, as part of the Biden-Harris Administration’s economic agenda, the U.S. Department of the Treasury (Treasury), the U.S. Department of Energy (DOE), and the Internal Revenue Service (IRS) released additional information on key provisions in the Inflation Reduction Act to strengthen energy security and drive investment to hard-hit coal communities and underserved communities.Treasury and IRS established the expanded Qualifying Advanced Energy Project Tax Credit (§ 48C) program under § 48C of the Internal Revenue Code.