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U.S. Treasury Launches Industry Outreach on Clean Energy Tax Credits

Oct. 31, 2022
Act extends 30% tax credits for wind, solar and other renewable energy sources

As reported by Reuters, the U.S. Treasury recently launched a series of meetings with clean power groups, utilities, labor unions and others to develop detailed rules for some $270 billion in newly enacted incentives to jump-start green energy investments.

According to the department, U.S. Treasury Secretary Janet Yellen met with 16 industry groups representing more than 1,000 firms in the clean energy supply chain, more than 2,000 utilities and more than 1 million American workers.

The new guidance will tell companies how they can take advantage of clean energy tax credits in the Inflation Reduction Act. The incentives are crucial for companies seeking to invest in solar and wind power, electric vehicles, clean energy manufacturing and energy efficiency.

The act extends 30% tax credits for wind, solar and other renewable energy sources, and offers incentives for carbon capture and tax credits of up to $7,500 on zero-emission electric vehicles. It also includes new credits to incentivize production of components like solar panels or batteries in U.S. factories.

The rest of this story can be found on Reuters.

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