Manufacturers should consider seeking Section 48C Advanced Energy Project Credit allocations, recently provided by the Inflation Reduction Act, with guidance coming out in February 2023. Capped at $10 billion, this is a competitive tax credit program that effectively acts as a competitive grant. Tax credits could be sought for up to 30 percent of the amount invested in new or upgraded facilities to build or recycle specified renewable energy components. Manufacturers must apply and be certified by the IRS to secure an allocation of the Section 48C credits.
