• The application portal for the second round of applications for the Section 48C Qualifying Advanced Energy Project Credit Program will open no later than May 28, 2024.
• Concept papers must be submitted within 30 days of the date the Section 48C application portal opens.
• The remaining $6 billion in Section 48C credits (including $2.5 billion for projects in certain energy communities) under the Qualifying Advanced Energy Project Credit Program may be allocated in the second round, which would make this the final round for the program. 

The Treasury Department and the IRS issued Notice 2024-36 to announce that the second allocation round of the qualifying advanced energy project credit program under Section 48C(e) will commence no later than Tuesday, May 28, 2024. For round two, the Treasury Department and the IRS anticipate allocating the remaining $6 billion of Section 48C credits, with approximately $2.5 billion in Section 48C credits to be allocated to projects located in Section 48C(e) Energy Communities Census Tracts. If all of the remaining $6 billion of Section 48C credits are allocated, this second round will be the last round of the program under current Section 48C(e).

Manufacturers and other entities that invest in certain qualifying advanced energy projects may apply for a tax credit under Section 48C(e). To be considered for an allocation of Section 48C tax credits in round two, qualifying taxpayers must first submit concept papers to the IRS through the 48C Portal. Note that this portal is different from the eXCHANGE portal used for round one. The 48C Portal will open for second round applications no later than Tuesday, May 28, 2024. Concept papers must be submitted prior to 5:00 PM Eastern Time on the date that is 30 calendar days after the 48C Portal opens for the second round. 

Additional guidance from the IRS on the qualifying advanced energy project credit program is available at https://www.irs.gov/credits-deductions/businesses/advanced-energy-project-credit.