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On June 1, 2023, the Treasury Department and IRS issued additional guidance regarding the Allocation Program in the form of proposed rules which are intended to apply to the 2023 calendar year only.
Low income communities bonus credit introduced by the Inflation Reduction Act of 2022 provides enhanced tax credit for renewable energy projects in designated low income communities. LIC Bonus available for wind and solar projects qualifying for ITC under Section 48 of IRC