Breaking: Update on the Low-Income Communities Bonus Adder
| January 9
On January 7, the Biden administration announced it is launching the next round of the Low-Income Communities Bonus Credit Program on January 16, 2025, which is much earlier than expected.
Once the DOE portal opens, it’s essential to get your project application in as soon as possible. As in previous rounds of the program, there will be an initial 30-day window for applications during which all applications submitted to the portal will be treated as submitted on the same date and at the same time; after that, rolling applications will be accepted through August 1, 2025.
The low-income communities bonus adder is a 10% – 20% adder to the Investment Tax Credit that we have covered in a previous article as well as a webinar. Please see those resources for important details on the adder. The adder is part of the Inflation Reduction Act (IRA).
If you have questions about this or any of the other IRA adders, don’t hesitate to reach out to CollectiveSun.
Disclaimer: This information does not constitute legal or tax advice and should not be relied upon for any purpose. Please consult your legal counsel and tax advisor.
