The Clean Electricity Production Credit (CEPC) and the Investment Credit (IC) are two tax credits proposed by the Biden administration to incentivize clean energy production. The CEPC would provide a tax credit for electricity generated from renewable sources, while the IC would provide a tax credit for investments in clean energy infrastructure. The proposed regulations for these credits aim to promote the transition to clean energy and reduce carbon emissions.
The U.S. Treasury Department and IRS on May 29, 2024, released proposed regulations (REG-119283-23) related to the section 45Y clean electricity production credit and section 48E clean electricity investment credit for qualified facilities and energy storage technology (EST), as established by H.R. 5376 (commonly called the “Inflation Reduction Act of 2022” (IRA)). Read TaxNewsFlash
Read a June 2024 report prepared by KPMG LLP that provides initial analysis and observations of the proposed regulations.
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