Summary
On April 29, 2024, pursuant to Notice 2024-36, the Department of Energy (DOE) and Internal Revenue Service (IRS) announced that they plan to open the second, and potentially final, round of Section 48C(e) Qualifying Advanced Energy Project (the “48C Program” or “48C”) applications for up to $6 billion in allocations. The 48C program functions like a competitive grant, where entities may submit applications to receive tax credit allocations for the following purposes:
The DOE’s 48C Updates landing page contains links to all program guidance documents, appendices, and other technical program guidance, such as the energy communities census tract interactive map. It can be accessed here: https://www.energy.gov/infrastructure/qualifying-advanced-energy-project-credit-48c-program.
A number of Wilson Sonsini clients were awarded 48C Program allocations in Round 1.
Key Takeaways
Key details regarding Round 2 48C Program design and eligibility:
Key details regarding Round 2 48C Program timeline and application mechanics:
Key details regarding Round 1:
Recommendations for submitting a 48C application:
How Wilson Sonsini Can Assist
Our team would be pleased to assist you in your strategic planning. For more information on issues pertaining to tax and energy and climate solutions, please contact Wilson Sonsini attorneys Andrew Bryant, Nicole Gambino, Jaron Goddard, Brandon King, or Scott Zimmermann.