Breaking news US Agencies Release More Guidance To Boost Clean Energy Production Lastminute news
All manufacturing processes for steel, iron components must take place in US to receive bonus, says Treasury and IRS.
The US Treasury Department and the Internal Revenue Service (IRS) released additional guidance to boost American clean energy manufacturing.
The guidance expands the list of applicable projects to include hydropower and pumped hydropower storage facilities, redesignates the "utility scale photovoltaic system" applicable projects as the "ground-mount and rooftop photovoltaic system" and includes certain manufactured product components.
The domestic content bonus that the agencies provide applies to facilities and projects built using the required amounts of domestically produced steel, iron, and manufactured products. All manufacturing processes for steel and iron components must take place in the US to receive the bonus, according to a statement by the agencies.
Under the Production Tax Credit for clean energy, facilities that meet domestic content requirements receive a 10% bonus, while projects that meet the domestic content requirement will receive up to a 10% point bonus under the Investment Tax Credit for clean energy.
"American workers and businesses are committed to making sure the United States economy benefits from the global transition to clean energy. That is why these incentives to bring clean energy manufacturing to America are jumpstarting investments across the country," said US Deputy Secretary of the Treasury Wally Adeyemo. "This should help companies make more clean power investments using US-made equipment, generating new business for manufacturers and creating more good-paying jobs."
The move is part of President Joe Biden's economic strategy to boost American manufacturing, and iron and steel production, so American workers and companies can continue to build the clean energy economy, said the agencies.
President Joe Biden's administration on Tuesday increased tariffs on $18 billion worth of imports from China, which include steel, aluminum, semiconductors, solar cells electric vehicles and batteries. -
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