The U.S. Department of the Treasury and the IRS released final rules for the funding Tax Credit (Section 48 of the Internal Revenue Code).
Wind Energy Technologies Office
December 13, 2024
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The U.S. Department of the Treasury and the IRS released final rules for the funding Tax Credit (Section 48 of the Internal Revenue Code), to produce U.S. renewable power and strengthen the renewable energy economy. Section 48 provides a percentage-based tax credit for qualifying renewable energy property like offshore wind and provides final rules clarifying what type of property is eligible for the credit.