Show Me the Money: Tax Credits in the Inflation Reduction Act
- Time:
- 4:00 PM
- - 5:00 PM
- Room Number:
- Congressional
- Day:
- 5/8/2023
The Inflation Reduction Act (IRA) provides hundreds of billions of dollars in tax credits (or direct payment for organizations exempt from federal income tax) for clean energy technologies, including waterpower.
Specific tax credits for waterpower include:
— Extension of Existing Hydropower and Marine Energy Production Tax Credits (PTC) at parity with wind energy until 12/31/2024
— Technology-Neutral Clean Energy PTC and Investment Tax Credit (ITC) from 2025 to 2032
— Creation of a Technology-Neutral Energy Storage ITC until 2032, which includes pumped storage
— Credits for manufacturers such as the Section 48C qualified advanced energy property credit
For this session, tax experts will discuss recent guidance from the Internal Revenue Service (IRS) and the U.S. Department of Treasury and will answer your questions on how you can take advantage of the tax credits.
Specific tax credits for waterpower include:
— Extension of Existing Hydropower and Marine Energy Production Tax Credits (PTC) at parity with wind energy until 12/31/2024
— Technology-Neutral Clean Energy PTC and Investment Tax Credit (ITC) from 2025 to 2032
— Creation of a Technology-Neutral Energy Storage ITC until 2032, which includes pumped storage
— Credits for manufacturers such as the Section 48C qualified advanced energy property credit
For this session, tax experts will discuss recent guidance from the Internal Revenue Service (IRS) and the U.S. Department of Treasury and will answer your questions on how you can take advantage of the tax credits.
Presenter Information
Yasmin Nelson
Senior Principal
Bracewell LLP
Moderator
Alice Lin
Tax Policy Advisor, Finance Committee
U.S. Senate
Speaker
Liam Donovan
Principal
Bracewell LLP
Speaker
Beth Hartman
Program Manager for Strategic Innovation and Outreach, Water Power Technologies Office
U.S. Department of Energy
Speaker
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