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The U.S. Treasury Department, the U.S. Department of Energy and the Internal Revenue Service issued guidance Monday on Inflation Reduction Act provisions that aim to spur investment in underserved communities and coal communities.
One notice establishes the expanded Qualifying Advanced Energy Project Credit program under Section 48C of the Internal Revenue Code.
The program provides $10 billion in tax credits for clean energy manufacturing and recycling, industrial decarbonization, and critical materials processing, refining and recycling.
At least $4 billion of the 30% tax credits must go to projects at closed coal mines or retired coal-fired power plants.
Potential projects include manufacturing of fuel cells and components for geothermal electricity and hydropower, equipment for carbon capture, and critical minerals processing facilities, according to the departments and the IRS.