Treasury, IRS announce applications for 2024 Program Year of the Low-Income Communities Bonus Credit Program open May 28, webinar May 16

On May 13, 2024, the United States Department of the Treasury (Treasury) and Internal Revenue Service (IRS) jointly announced that the 2024 program year for the Low-Income Communities Bonus Credit Program would open for applications on May 28 at 9:00 am Eastern Standard Time (EST). Any bids submitted between the application opening and June 27, at 11:59 pm EST will be treated as submitted at the same time for evaluation proposes. After that, the U.S. Department of Energy (DOE) will continue to accept applications on a rolling basis.

The Treasury and the DOE Office of Energy Justice and Equity will hold an informational webinar for interested applicants on May 16, beginning at 1:00 pm EST. Stakeholders may register for the webinar here.

The program provides a 10% or 20% bonus to the Investment Tax Credit for qualified small (below 5 MWAC) solar or wind facilities sited in low-income communities, on Indian land, as part of affordable housing developments, as well as those benefitting low-income households. Eligible solar and wind facilities installed in low-income communities or on Indian land qualify for a 10% credit increase, while those integrated into qualified low-income residential buildings or economic benefit projects receive a 20% credit increase.