United States Departments of Energy (DOE), Treasury together with the Internal Revenue Service (IRS), and the Biden Administration announced the $4 billion in tax credits are headed to more than 100 projects to boost domestic clean energy and reduce emissions.
Biden Administration Declared $4 Billion In Tax Credits To Strengthen Domestic Clean Energy Manufacturing And Cut Industrial Greenhouse Gas Emissions (Photo: Daily Energy Insider)
Biden Administration declared that the $1.5 billion that will support projects in historic energy communities
The project is that the Biden Administration will offer more jobs and lowering energy costs. Nationwide, 35 states will benefit, thanks to the § 48C Program managed by DOE’s Office of Manufacturing & Energy Supply Chains.
The Inflation Reduction Act of 2022 of the Biden Administration will expand $10 billion investment. It offers an investment tax credit of up to 30 percent of qualified investments for certified projects that meet prevailing wage and apprenticeship requirements.
Biden Administration grants to historic tax credits, the President’s Investing in America agenda is making the nation an irresistible place to invest in clean energy manufacturing, Secretary of Energy Jennifer Granholm said.
Biden Administration agenda places direct emphasis on communities that have traditionally powered our nation for generations
$2.7 billion in tax credits for clean energy manufacturing and recycling, $800 million in tax credits for critical materials recycling, processing, and refining, and another $500 million for industrial decarbonization.
The tax credits were doled out based on concept papers submitted by applicants, who in the process sought nearly $42 billion in tax credits.
Read Also: $425 Million Biden Administration Invests In Renewable Energy For Coal-Dependent Communities, Boosts Manufacturing Sector
