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Biden 'direct pay' rules may change the future of renewables - E&E News by POLITICO

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Changes in the tax code finalized Tuesday are among the most significant provisions for clean energy in the Inflation Reduction Act. The sun setting behind wind turbines in Prairie Township, Indiana. Kiichiro Sato/AP The Biden administration finalized tax rules Tuesday to give nonprofits such as schools and local governments federal cash to build and operate low-carbon energy projects. The administration has called the tax plan one of the most significant from the Inflation Reduction Act to drive clean energy, particularly in historically disadvantaged areas. But tax experts say the Treasury Department kept restrictions for the credit that some nonprofits fear will limit their eligibility for incentives, potentially hindering some renewable and electric vehicle projects. Nonprofits, which do not pay taxes, had been unable to take advantage of many provisions in the tax code that have driven decarbonization of the U.S. economy. The 2022 Inflation Reduction Act aimed to change that, enac

The Biden administration finalized tax rules Tuesday to give nonprofits such as schools and local governments federal cash to build and operate low-carbon energy projects. The administration has called the tax plan one of the most significant from the Inflation Reduction Act to drive clean energy, particularly in historically disadvantaged areas. But tax experts say the Treasury Department kept restrictions for the credit that some nonprofits fear will limit their eligibility for incentives, potentially hindering some renewable and electric vehicle projects. Nonprofits, which do not pay taxes,

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