The IRS has issued Revenue Procedure 2024-19, which provides guidance on the Environmental Justice Solar and Wind Capacity Limitation Program for 2024. This program aims to promote environmental justice by limiting the amount of solar and wind energy capacity that can be installed in certain areas. The guidance outlines the eligibility requirements and application process for this program.
The IRS today released Rev. Proc. 2024-19 providing procedural and clarifying guidance applicable to the program under section 48(e) to allocate environmental justice solar and wind capacity limitation with respect to certain solar and wind facilities placed in service in connection with low-income communities—established under H.R. 5376 (commonly called the “Inflation Reduction Act of 2022” (IRA))—for the 2024 program year. The program provides an increase of 10% or 20% to the investment tax credit rate available under section 48 for taxpayers (or tax-exempt or government entities) that receive an allocation under the program.
The IRS released Rev. Proc. 2023-27 in August 2023, providing procedural and clarifying guidance applicable to the program (read TaxNewsFlash). Rev. Proc. 2024-19 provides the process for the program for 2024, and solely with respect to the 2024 program year, supersedes Rev. Proc. 2023-27.
Rev. Proc. 2024-19 provides important clarifying changes to the application, documentation, and lottery procedures applicable to the 2024 program year. In addition, it describes how the capacity limitation for the 2024 program year will be divided across the facility categories described in Treas. Reg. §§ 48(e)(2)(A)(iii) and 1.48(e)-1(b)(2), the Category 1 sub-reservation described in Treas. Reg. § 1.48(e)-1(i)(1), and the additional selection criteria application options described in Treas. Reg. § 1.48(e)-1(h).
Read a related IRS release—IR-2024-86 (March 29, 2024)
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