The US Department of the Treasury and the Internal Revenue Service have moved to enshrine certain tax credits under President Joe Biden’s Inflation Reduction Act (IRA) into the American tax code before Donald Trump moves into the White House.
The tax credits encourage innovation by allowing new zero-emissions technologies to develop over time, while also providing durable incentives for companies to make investments in clean energy technologies, the Treasury Department said.
U.S. Secretary of the Treasury Janet L. Yellen said: “The final rules issued today will help ensure America’s clean energy investment boom continues – driving down utility costs for American families and small businesses, creating good-paying construction jobs, and strengthening energy security by making the U.S. more resistant to price shocks.”
The existing Production and Investment Tax credits will be available for projects that began construction before 2025, while qualifying projects that began after 31 December, 2024 will be eligible for a new Clean Electricity Credit.
U.S. Secretary of Energy Jennifer M. Granholm said: “Today’s final guidance helps provide clean energy producers the clarity needed to deploy more clean energy solutions at scale to drive down costs for more American families and deliver future-facing careers for America’s workforce.”
The new rules go into effect 15 January, just days before Trump takes office.
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