Treasury Department and IRS Issue Guidance for Bonus Tax Credit for Fossil Fuel Communities

The Biden administration issued final guidance on the bonus tax credit for American communities dependent on fossil fuels.
The new rules, issued by the Department of the Treasury and the Internal Revenue Service on April 4, will allow “green” energy companies to secure additional tax credits when investing in local communities economically tied to oil and coal extraction.
The Treasury Department is offering the credits under an August 2022 law that contained $270 billion in tax breaks for “green” energy.
The Inflation Reduction Act (IRA), which was passed by Congress last summer, extended a 30 percent tax credit for wind, solar, and other green energy projects….}