IRS deadlines for submitting 48C concept papers approaches

The IRS opened the 48C advanced energy project credit portal on May 22, meaning concept papers for projects to be considered for eligibility for the second round of funding must be submitted through the portal no later than 5 p.m. on Friday, June 21.

Competition for funding is expected to be fierce. A total of $6 billion in credit allocations will be granted this round, which will likely be the final full allocation opportunity. A third round will only be conducted to the extent there are leftover funds because an allocation is rescinded or withdrawn.

For more information on the 48C credit, please see our previous story on this round from last month.

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Contacts:

David E. Sites

National Managing Principal,
Washington National Tax Office and International Tax Solutions

Grant Thornton Advisors LLC

David leads the firm's International Tax practice, which focuses on global tax planning, cross border merger and acquisition structuring, and working with global organizations in a variety of other international tax areas.

Washington DC, Washington DC

+1 202 861 4104