48C advanced energy project credit: Recent IRS updates

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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