WASHINGTON, D.C. – The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released additional guidance today on the domestic content bonus tax credit. Following is a statement from Ray Long, President and CEO of the American Council on Renewable Energy (ACORE), on the guidance:
“We commend the Department of Treasury and IRS for issuing the domestic content guidance. Having clear rules of the road is critical for companies seeking to invest in America’s clean energy future, and today’s additional guidance on domestic content provides helpful clarity. Once successfully implemented, this bonus credit will help catalyze billions in private sector investment and thousands of good-paying jobs by boosting clean energy deployment and increasing the competitiveness of American-made products.
“ACORE appreciates the improvements that were made to the initial guidance, which our analysis over the last year has shown should help facilitate a swift and sustained transition to domestic manufacturing. Of particular note is the amended safe harbor approach, which intends to remove unnecessary burdens on taxpayers by allowing them to reference default cost percentages. We also commend Treasury and the IRS for expanding the safe harbor classifications announced last year to include additional clean technologies, like hydropower, and for their plans to issue proposed guidance on projects that use elective pay. We look forward to further analyzing the impacts of the guidance on clean energy investment and deployment.”
Background:
ACORE submitted comments in response to the initial guidance concerning the domestic content bonus provision issued by Treasury and the IRS last May, which built from prior individual and joint comments on a range of pertinent issues.
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About ACORE:For over 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s leading voice on the issues most essential to renewable energy expansion. ACORE unites finance, policy, and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.
Media Contacts:Alex HobsonSr. Vice President, CommunicationsAmerican Council on Renewable Energyhobson@acore.org | 202.830.3592 (o) | 202.594.0706 (c)
Dylan HelmsManager, CommunicationsAmerican Council on Renewable Energyhelms@acore.org | 202.935.6491 (o) | 727.290.8804 (c)
