IRS updates guidance on the low-income communities bonus credit program
“Taxpayers investing in certain solar and wind facilities may apply for an allocation of environmental justice solar and wind capacity limitation (Capacity Limitation) as part of the low-income communities bonus credit program for 2024. Rev. Proc. 2024-19 clarifies the application, documentation and selection process for the 2024 program year and describes how the Capacity Limitation will be divided across facilities. Any unused Capacity Limitation from the 2023 program year will be carried over to the 2024 program year.”