Credit for Renewable Electricity Production and Publication of Inflation Adjustment Factor and Reference Price for Calendar Year 2024, 56924-56926 [2024-15226]
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Federal Register / Vol. 89, No. 133 / Thursday, July 11, 2024 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting
Comments on Internal Revenue
Service Advisory Council Membership
Application
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
as part of its continuing effort to reduce
paperwork and respondent burden,
invites the general public and other
Federal agencies to take this
opportunity to comment on proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
membership application for Internal
Revenue Service Advisory Council.
DATES: Written comments should be
received on or before September 9, 2024
to be assured of consideration.
ADDRESSES: Direct all written comments
to Molly Stasko, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
by email to pra.comments@irs.gov.
Include OMB Control Number 1545–
1791 or form number 12339 in the
Subject line of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to Sara Covington,
(202) 317–5744, at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at sara.l.covington@
irs.gov.
SUPPLEMENTARY INFORMATION: The IRS is
currently seeking comments concerning
the following information collection
tools, reporting, and record-keeping
requirements:
Title: Internal Revenue Service
Advisory Council Membership
Application.
OMB Number: 1545–1791.
Form Number: 12339.
Abstract: The Federal Advisory
Committee Act (FACA) requires that
committee membership be fairly
balanced in terms of points of view
represented and the functions to be
performed. As a result, members of
specific committees often have both the
expertise and professional skills that
parallel the program responsibilities of
their sponsoring agencies. Selection of
committee members is based on the
FACA’s requirements and the potential
member’s background and
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SUMMARY:
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qualifications. Therefore, an application
is needed to ascertain the desired skills
set for membership. The IRS will also
use the information to perform Federal
income tax, background, and
practitioner checks as required of all
members and applicants to the
Committee or Council. Information
provided will be used to qualify or
disqualify individuals to serve as
members.
Current Actions: Minor changes were
made to form 12239 that included in
Part 1—there are now 6 check boxes
instead of 5, and Part V—a check box
has been added. Changes to the burden
estimates are due to the most current
filing data.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households.
Estimated Number of Respondents:
100.
Estimated Time per Response: 1 hr. 30
min.
Estimated Total Annual Burden
Hours: 150.
The following paragraph applies to all
of the collections of information covered
by this notice:
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
tax return information are confidential,
as required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
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Approved: July 08, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024–15267 Filed 7–10–24; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Credit for Renewable Electricity
Production and Publication of Inflation
Adjustment Factor and Reference
Price for Calendar Year 2024
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of publication.
AGENCY:
The 2024 inflation adjustment
factor and reference price are used in
determining the availability of the credit
for renewable electricity production
under section 45 (section 45 credit).
FOR FURTHER INFORMATION CONTACT:
Charles Hyde, CC:PSI:6, Internal
Revenue Service, 1111 Constitution
Avenue NW, Washington, DC 20224,
(202) 317–6853 (not a toll-free number).
SUPPLEMENTARY INFORMATION: The 2024
inflation adjustment factor and
reference price apply to calendar year
2024 sales of kilowatt hours of
electricity produced in the United States
or a possession thereof from qualified
energy resources.
Inflation Adjustment Factor: The
inflation adjustment factor for calendar
year 2024 for qualified energy resources
is 1.9499.
Reference Price: The reference price
for calendar year 2024 for facilities
producing electricity from wind is 3.15
cents per kilowatt hour. The reference
prices for facilities producing electricity
from closed-loop biomass, open-loop
biomass, geothermal energy, solar
energy, municipal solid waste, qualified
hydropower production, and marine
and hydrokinetic renewable energy have
not been determined for calendar year
2024.
Phaseout Calculation: Because the
2024 reference price for electricity
produced from wind (3.15 cents per
kilowatt hour) does not exceed 8 cents
multiplied by the inflation adjustment
factor (1.9499), the phaseout of the
credit provided in section 45(b)(1) does
not apply to such electricity sold during
calendar year 2024. For electricity
produced from closed-loop biomass,
open-loop biomass, geothermal energy,
solar energy, municipal solid waste,
qualified hydropower production, and
marine and hydrokinetic renewable
energy, the phaseout of the credit
provided in section 45(b)(1) does not
SUMMARY:
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Federal Register / Vol. 89, No. 133 / Thursday, July 11, 2024 / Notices
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apply to such electricity sold during
calendar year 2023.
Inflation Reduction Act Amendments:
Section 45 was amended by section
13101 of Public Law 117–169, 136 Stat.
1818 (August 16, 2022), commonly
known as the Inflation Reduction Act of
2022 (IRA). The IRA changed the
manner in which the section 45 credit
amounts are calculated for any qualified
facility placed in service after December
31, 2021. In the case of any qualified
facility placed in service before January
1, 2023, the section 45 credit amounts
are determined under the calculation
rules provided in section 45 prior to the
IRA amendments.
As amended by the IRA, section
45(b)(6)(A) provides that, in the case of
any qualified facility that satisfies the
requirements of section 45(b)(6)(B), the
credit amount determined under section
45(a) (determined after the application
of section 45(b)(1) through (5) and
without regard to section 45(b)(6)) is
equal to such amount multiplied by 5.
A qualified facility satisfies the
requirements of section 45(b)(6)(B) if it
is placed in service after December 31,
2021, and it is one of the following: (i)
a facility with a maximum net output of
less than 1 megawatt (as measured in
alternating current); (ii) a facility the
construction of which began prior to
January 29, 2023, which is the date that
is 60 days after the publication of the
guidance with respect to the
requirements of section 45(b)(7)(A)
(prevailing wage requirements) and
section 45(b)(8) (apprenticeship
requirements); or (iii) a facility that
satisfies the requirements of section
45(b)(7)(A) and (8).1 The IRA also added
bonus credit amounts with respect to
qualified facilities placed in service
after December 31, 2022, that meet
domestic content requirements under
section 45(b)(9) 2 or energy community
requirements under section 45(b)(11).3
The IRA amended the phaseout of the
section 45 credit for wind facilities
under section 45(b)(5) such that it does
not apply to facilities placed in service
after December 31, 2021. The IRA also
added a new phaseout of the section 45
credit under section 45(b)(10) in the
case of qualified facilities placed in
service after December 31, 2022, for
1 See §§ 1.45–6, 1.45–7, 1.45–8, and 1.45–12 of
the Income Tax Regulations for additional
information regarding the requirements of section
45(b)(6)(B).
2 See Notice 2023–38, 2023–22 I.R.B. 872 (May
12, 2023) and Notice 2024–41, IR–2024–140 (May
16, 2024), corrected at IR 2024–147 (May 24, 2024),
for additional information regarding the domestic
content bonus credit.
3 See Notice 2024–30, 2024–16 I.R.B. 878 (April
15, 2024), for additional information regarding the
energy community bonus credit.
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taxpayers making an elective payment
election under section 6417. The IRA
also amended the credit amount
reduction under section 45(b)(3) in the
case of qualified facilities the
construction of which began after
August 16, 2022.
The IRA amended section 45(d)(4) to
restore the section 45 credit for
electricity produced in solar energy
facilities in the case of qualified
facilities placed in service after
December 31, 2021, and the
construction of which begins before
January 1, 2025. Effective for facilities
placed in service after December 31,
2022, the IRA (1) removed the one-half
reduction of the credit amount under
section 45(b)(4)(A) for qualified
hydropower facilities and marine and
hydrokinetic renewable energy facilities
and (2) amended the definition of
marine and hydrokinetic renewable
energy under section 45(c)(10) and the
definition of a marine and hydrokinetic
renewable energy facility under section
45(d)(11). The IRA also extended certain
deadlines in the definitions under
section 45(d) for wind facilities, closedloop biomass facilities, open-loop
biomass facilities, geothermal facilities,
landfill gas facilities, trash facilities,
qualified hydropower facilities, and
marine and hydrokinetic renewable
energy facilities.
Credit Amount for a Qualified Facility
Placed in Service before January 1,
2022: As required by section 45(b)(2),
the 1.5 cent amount provided in section
45(a)(1) is adjusted by multiplying such
amount by the inflation adjustment
factor for the calendar year in which the
sale occurs. If any amount as increased
under section 45(b)(2) is not a multiple
of 0.1 cent, such amount is rounded to
the nearest multiple of 0.1 cent. In the
case of electricity produced in openloop biomass facilities, landfill gas
facilities, trash facilities, qualified
hydropower facilities, and marine and
hydrokinetic renewable energy
facilities, section 45(b)(4)(A) requires
the amount in effect under section
45(a)(1) for such calendar year (before
rounding to the nearest 0.1 cent as
required by section 45(b)(2)) to be
reduced by one-half.4
Under the calculation required by
section 45(b)(2), the credit for renewable
electricity production for calendar year
2024 determined under section 45(a) is
2.9 cents per kilowatt hour on the sale
of electricity produced in any qualified
4 As amended by the IRA and discussed later in
this notice, the one-half reduction under section
45(b)(4)(A) no longer applies to qualified
hydropower facilities and marine and hydrokinetic
renewable energy facilities placed in service after
December 31, 2022.
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56925
facility placed in service before January
1, 2022, from the qualified energy
resources of wind, closed-loop biomass,
and geothermal energy, and 1.5 cents
per kilowatt hour on the sale of
electricity produced in any qualified
facility placed in service before January
1, 2022, from the qualified energy
resources of open-loop biomass, landfill
gas, trash, qualified hydropower, and
marine and hydrokinetic renewable
energy.
Credit Amount for a Qualified Facility
Placed in Service after December 31,
2021: As required by section 45(b)(2),
the 0.3 cent amount provided in section
45(a)(1) is adjusted by multiplying such
amount by the inflation adjustment
factor for the calendar year in which the
sale occurs. If the 0.3 cent amount as
adjusted for inflation is not a multiple
of 0.05 cent, the amount is rounded to
the nearest multiple of 0.05 cent. In the
case of electricity produced in openloop biomass facilities, landfill gas
facilities, trash facilities, qualified
hydropower facilities, and marine and
hydrokinetic renewable energy
facilities, section 45(b)(4)(A) requires
the amount in effect under section
45(a)(1) for such calendar year
(determined before rounding as required
by section 45(b)(2)) to be reduced by
one-half.
Under the calculation required by
section 45(b)(2), the credit for renewable
electricity production for calendar year
2024 determined under section 45(a) is
0.6 cents per kilowatt hour on the sale
of electricity produced in any qualified
facility placed in service after December
31, 2021, from the qualified energy
resources of wind, closed-loop biomass,
geothermal energy, and solar energy,
and 0.3 cents per kilowatt hour on the
sale of electricity produced in any
qualified facility placed in service after
December 31, 2021, from the qualified
energy resources of open-loop biomass,
landfill gas, and trash. The credit for
renewable electricity production for
calendar year 2024 determined under
section 45(a) is also 0.3 cents per
kilowatt hour on the sale of electricity
produced in any qualified facility
placed in service after December 31,
2021, and before January 1, 2023, from
the qualified energy resources of
qualified hydropower and marine and
hydrokinetic renewable energy.
Credit Amount for Qualified
Hydropower Facilities and Marine and
Hydrokinetic Renewable Energy
Facilities Placed in Service after
December 31, 2022: The one-half
reduction under section 45(b)(4)(A) no
longer applies to qualified hydropower
facilities and marine and hydrokinetic
renewable energy facilities placed in
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Federal Register / Vol. 89, No. 133 / Thursday, July 11, 2024 / Notices
service after December 31, 2022.
Accordingly, under the calculation
required by section 45(b)(2), the credit
for renewable electricity production for
calendar year 2024 determined under
section 45(a) is 0.6 cents per kilowatt
hour on the sale of electricity produced
in any qualified facility placed in
service after December 31, 2022, from
the qualified energy resources of
qualified hydropower and marine and
hydrokinetic renewable energy.
(Authority: 45(e)(2)(A) (26 U.S.C. 45(e)(2)(A))
of the Internal Revenue Code.)
Christopher T. Kelley,
Special Counsel to the Associate Chief
Counsel, (Passthroughs and Special
Industries).
[FR Doc. 2024–15226 Filed 7–10–24; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
[OMB Control No. 2900–0067]
Agency Information Collection Activity
Under OMB Review: Application for
Automobile or Other Conveyance and
Adaptive Equipment (Under 38 U.S.C.
3901–3904)
Veterans Benefits
Administration, Department of Veterans
Affairs.
ACTION: Notice.
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AGENCY:
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In compliance with the
Paperwork Reduction Act (PRA) of
1995, this notice announces that the
Veterans Benefits Administration
(VBA), Department of Veterans Affairs,
will submit the collection of
information abstracted below to the
Office of Management and Budget
(OMB) for review and comment. The
PRA submission describes the nature of
the information collection and its
expected cost and burden, and it
includes the actual data collection
instrument.
DATES: Comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by clicking on the following link
www.reginfo.gov/public/do/PRAMain,
select ‘‘Currently under Review—Open
for Public Comments’’, then search the
list for the information collection by
Title or ‘‘OMB Control No. 2900–0067.’’
FOR FURTHER INFORMATION CONTACT: VA
PRA information: Maribel Aponte, 202–
461–8900, vacopaperworkreduact@
va.gov.
SUPPLEMENTARY INFORMATION:
Title: Application for Automobile or
Other Conveyance and Adaptive
Equipment (Under 38 U.S.C. 3901–
3904) (VA Form 21–4502).
OMB Control Number: 2900–0067
https://www.reginfo.gov/public/do/
PRASearch.
Type of Review: Revision of a
currently approved collection.
SUMMARY:
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Abstract: VA Form 21–4502 is used
by veterans and servicepersons to apply
for automobile or other conveyance
benefits. Without the information
solicited by this form, VA would be
unable to determine eligibility, and
benefits would not be properly paid.
No changes have been made to this
form. The respondent burden has
increased due to the estimated number
of receivables averaged over the past
year.
An agency may not conduct or
sponsor, and a person is not required to
respond to a collection of information
unless it displays a currently valid OMB
control number. The Federal Register
Notice with a 60-day comment period
soliciting comments on this collection
of information was published at 89 FR
37282, May 6, 2024.
Affected Public: Individuals or
Households.
Estimated Annual Burden: 3,197
hours.
Estimated Average Burden per
Respondent: 15 minutes.
Frequency of Response: One time.
Estimated Number of Respondents:
12,786 per year.
Authority: 44 U.S.C. 3501 et seq.
Maribel Aponte,
VA PRA Clearance Officer, Office of
Enterprise and Integration, Data Governance
Analytics, Department of Veterans Affairs.
[FR Doc. 2024–15227 Filed 7–10–24; 8:45 am]
BILLING CODE 8320–01–P
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]]>Agencies
[Federal Register Volume 89, Number 133 (Thursday, July 11, 2024)]
[Notices]
[Pages 56924-56926]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-15226]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Credit for Renewable Electricity Production and Publication of
Inflation Adjustment Factor and Reference Price for Calendar Year 2024
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of publication.
-----------------------------------------------------------------------
SUMMARY: The 2024 inflation adjustment factor and reference price are
used in determining the availability of the credit for renewable
electricity production under section 45 (section 45 credit).
FOR FURTHER INFORMATION CONTACT: Charles Hyde, CC:PSI:6, Internal
Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224,
(202) 317-6853 (not a toll-free number).
SUPPLEMENTARY INFORMATION: The 2024 inflation adjustment factor and
reference price apply to calendar year 2024 sales of kilowatt hours of
electricity produced in the United States or a possession thereof from
qualified energy resources.
Inflation Adjustment Factor: The inflation adjustment factor for
calendar year 2024 for qualified energy resources is 1.9499.
Reference Price: The reference price for calendar year 2024 for
facilities producing electricity from wind is 3.15 cents per kilowatt
hour. The reference prices for facilities producing electricity from
closed-loop biomass, open-loop biomass, geothermal energy, solar
energy, municipal solid waste, qualified hydropower production, and
marine and hydrokinetic renewable energy have not been determined for
calendar year 2024.
Phaseout Calculation: Because the 2024 reference price for
electricity produced from wind (3.15 cents per kilowatt hour) does not
exceed 8 cents multiplied by the inflation adjustment factor (1.9499),
the phaseout of the credit provided in section 45(b)(1) does not apply
to such electricity sold during calendar year 2024. For electricity
produced from closed-loop biomass, open-loop biomass, geothermal
energy, solar energy, municipal solid waste, qualified hydropower
production, and marine and hydrokinetic renewable energy, the phaseout
of the credit provided in section 45(b)(1) does not
[[Page 56925]]
apply to such electricity sold during calendar year 2023.
Inflation Reduction Act Amendments: Section 45 was amended by
section 13101 of Public Law 117-169, 136 Stat. 1818 (August 16, 2022),
commonly known as the Inflation Reduction Act of 2022 (IRA). The IRA
changed the manner in which the section 45 credit amounts are
calculated for any qualified facility placed in service after December
31, 2021. In the case of any qualified facility placed in service
before January 1, 2023, the section 45 credit amounts are determined
under the calculation rules provided in section 45 prior to the IRA
amendments.
As amended by the IRA, section 45(b)(6)(A) provides that, in the
case of any qualified facility that satisfies the requirements of
section 45(b)(6)(B), the credit amount determined under section 45(a)
(determined after the application of section 45(b)(1) through (5) and
without regard to section 45(b)(6)) is equal to such amount multiplied
by 5. A qualified facility satisfies the requirements of section
45(b)(6)(B) if it is placed in service after December 31, 2021, and it
is one of the following: (i) a facility with a maximum net output of
less than 1 megawatt (as measured in alternating current); (ii) a
facility the construction of which began prior to January 29, 2023,
which is the date that is 60 days after the publication of the guidance
with respect to the requirements of section 45(b)(7)(A) (prevailing
wage requirements) and section 45(b)(8) (apprenticeship requirements);
or (iii) a facility that satisfies the requirements of section
45(b)(7)(A) and (8).\1\ The IRA also added bonus credit amounts with
respect to qualified facilities placed in service after December 31,
2022, that meet domestic content requirements under section 45(b)(9)
\2\ or energy community requirements under section 45(b)(11).\3\
---------------------------------------------------------------------------
\1\ See Sec. Sec. 1.45-6, 1.45-7, 1.45-8, and 1.45-12 of the
Income Tax Regulations for additional information regarding the
requirements of section 45(b)(6)(B).
\2\ See Notice 2023-38, 2023-22 I.R.B. 872 (May 12, 2023) and
Notice 2024-41, IR-2024-140 (May 16, 2024), corrected at IR 2024-147
(May 24, 2024), for additional information regarding the domestic
content bonus credit.
\3\ See Notice 2024-30, 2024-16 I.R.B. 878 (April 15, 2024), for
additional information regarding the energy community bonus credit.
---------------------------------------------------------------------------
The IRA amended the phaseout of the section 45 credit for wind
facilities under section 45(b)(5) such that it does not apply to
facilities placed in service after December 31, 2021. The IRA also
added a new phaseout of the section 45 credit under section 45(b)(10)
in the case of qualified facilities placed in service after December
31, 2022, for taxpayers making an elective payment election under
section 6417. The IRA also amended the credit amount reduction under
section 45(b)(3) in the case of qualified facilities the construction
of which began after August 16, 2022.
The IRA amended section 45(d)(4) to restore the section 45 credit
for electricity produced in solar energy facilities in the case of
qualified facilities placed in service after December 31, 2021, and the
construction of which begins before January 1, 2025. Effective for
facilities placed in service after December 31, 2022, the IRA (1)
removed the one-half reduction of the credit amount under section
45(b)(4)(A) for qualified hydropower facilities and marine and
hydrokinetic renewable energy facilities and (2) amended the definition
of marine and hydrokinetic renewable energy under section 45(c)(10) and
the definition of a marine and hydrokinetic renewable energy facility
under section 45(d)(11). The IRA also extended certain deadlines in the
definitions under section 45(d) for wind facilities, closed-loop
biomass facilities, open-loop biomass facilities, geothermal
facilities, landfill gas facilities, trash facilities, qualified
hydropower facilities, and marine and hydrokinetic renewable energy
facilities.
Credit Amount for a Qualified Facility Placed in Service before
January 1, 2022: As required by section 45(b)(2), the 1.5 cent amount
provided in section 45(a)(1) is adjusted by multiplying such amount by
the inflation adjustment factor for the calendar year in which the sale
occurs. If any amount as increased under section 45(b)(2) is not a
multiple of 0.1 cent, such amount is rounded to the nearest multiple of
0.1 cent. In the case of electricity produced in open-loop biomass
facilities, landfill gas facilities, trash facilities, qualified
hydropower facilities, and marine and hydrokinetic renewable energy
facilities, section 45(b)(4)(A) requires the amount in effect under
section 45(a)(1) for such calendar year (before rounding to the nearest
0.1 cent as required by section 45(b)(2)) to be reduced by one-half.\4\
---------------------------------------------------------------------------
\4\ As amended by the IRA and discussed later in this notice,
the one-half reduction under section 45(b)(4)(A) no longer applies
to qualified hydropower facilities and marine and hydrokinetic
renewable energy facilities placed in service after December 31,
2022.
---------------------------------------------------------------------------
Under the calculation required by section 45(b)(2), the credit for
renewable electricity production for calendar year 2024 determined
under section 45(a) is 2.9 cents per kilowatt hour on the sale of
electricity produced in any qualified facility placed in service before
January 1, 2022, from the qualified energy resources of wind, closed-
loop biomass, and geothermal energy, and 1.5 cents per kilowatt hour on
the sale of electricity produced in any qualified facility placed in
service before January 1, 2022, from the qualified energy resources of
open-loop biomass, landfill gas, trash, qualified hydropower, and
marine and hydrokinetic renewable energy.
Credit Amount for a Qualified Facility Placed in Service after
December 31, 2021: As required by section 45(b)(2), the 0.3 cent amount
provided in section 45(a)(1) is adjusted by multiplying such amount by
the inflation adjustment factor for the calendar year in which the sale
occurs. If the 0.3 cent amount as adjusted for inflation is not a
multiple of 0.05 cent, the amount is rounded to the nearest multiple of
0.05 cent. In the case of electricity produced in open-loop biomass
facilities, landfill gas facilities, trash facilities, qualified
hydropower facilities, and marine and hydrokinetic renewable energy
facilities, section 45(b)(4)(A) requires the amount in effect under
section 45(a)(1) for such calendar year (determined before rounding as
required by section 45(b)(2)) to be reduced by one-half.
Under the calculation required by section 45(b)(2), the credit for
renewable electricity production for calendar year 2024 determined
under section 45(a) is 0.6 cents per kilowatt hour on the sale of
electricity produced in any qualified facility placed in service after
December 31, 2021, from the qualified energy resources of wind, closed-
loop biomass, geothermal energy, and solar energy, and 0.3 cents per
kilowatt hour on the sale of electricity produced in any qualified
facility placed in service after December 31, 2021, from the qualified
energy resources of open-loop biomass, landfill gas, and trash. The
credit for renewable electricity production for calendar year 2024
determined under section 45(a) is also 0.3 cents per kilowatt hour on
the sale of electricity produced in any qualified facility placed in
service after December 31, 2021, and before January 1, 2023, from the
qualified energy resources of qualified hydropower and marine and
hydrokinetic renewable energy.
Credit Amount for Qualified Hydropower Facilities and Marine and
Hydrokinetic Renewable Energy Facilities Placed in Service after
December 31, 2022: The one-half reduction under section 45(b)(4)(A) no
longer applies to qualified hydropower facilities and marine and
hydrokinetic renewable energy facilities placed in
[[Page 56926]]
service after December 31, 2022. Accordingly, under the calculation
required by section 45(b)(2), the credit for renewable electricity
production for calendar year 2024 determined under section 45(a) is 0.6
cents per kilowatt hour on the sale of electricity produced in any
qualified facility placed in service after December 31, 2022, from the
qualified energy resources of qualified hydropower and marine and
hydrokinetic renewable energy.
(Authority: 45(e)(2)(A) (26 U.S.C. 45(e)(2)(A)) of the Internal
Revenue Code.)
Christopher T. Kelley,
Special Counsel to the Associate Chief Counsel, (Passthroughs and
Special Industries).
[FR Doc. 2024-15226 Filed 7-10-24; 8:45 am]
BILLING CODE 4830-01-P
