Rev. Proc. 2024-19 provides the process under section

48(e) to apply for an allocation of environmental justice solar and wind capacity limitation for the 2024 Program year. For taxpayers who received an allocation for the 2024 Program year, Rev. Proc. 2024-19 also describes how the capacity limitation for the 2024 Program year will be divided across the facility categories. See Rev. Proc. 2024-19, 2024-16 I.R.B. 899 available at IRS.gov/irb/ 2024-16_IRB#REV-PROC-2024-19 for more information.

T.D. 9979 contains final regulations concerning the low-income communities bonus credit program. See T.D.

9979 available at IRS.gov/irb/2023-35_IRB#TD-9979 and Regulations section 1.48(e)-1 for more information.

Low-income communities bonus credit amount. Section 48(e) provides for an increase of either 10% or 20% to the credit under section 48(a)(2) for qualified solar and wind facilities which received an allocation of capacity limitation from 2023 or 2024. Additionally, if you received an allocation you must also have the control number associated with that allocation.

Energy percentage. The increased energy percentage

Eligible property and requirements. For purposes of this increase, eligible energy property includes:

• Wind facility property defined in section 45(d)(1) for which an election was made to treat qualified facilities as energy property;

• Solar energy property to generate electricity defined in section 48(a)(3)(i);

• Qualified small wind energy property defined in section 48(a)(3)(vi); and

• Energy storage technology described in section 48(a) (3)(A)(ix) installed in connection with the above facility properties.

The property also has to meet the following eligibility requirements:

1. A maximum net output of less than 5 MW as measured in alternating current; and

2. The facility is one of the following:

a. Located in a low-income community (as defined in

section 45D(e));

b. Located on Indian land, as defined in section

2601(2) of the Energy Policy Act of 1992 (25 U.S.C. 3501(2));

c. Part of a qualified low-income residential building

project; or

d. Part of a qualified low-income economic benefit

project.

Credit reduction. The increase in the credit will not exceed the amount that bears the same ratio as the environmental justice solar and wind capacity limitation allocated to such facility bears to the total megawatt nameplate capacity of such facility, as measured in direct

10 Instructions for Form 3468 (2025)

current, or in the case of wind, alternating current will be treated as direct current.

Lines 11 and 12. Check the appropriate box on line 11. If you checked the box on line 11a, 11b, 11c, or 11d, you must enter the section 48(e) control number on line 11e.

If you are a pass-through entity, enter the originating pass-through entity’s EIN, if applicable, on line 11f.

You must also check the appropriate box on line 12 and enter the nameplate capacity or storage capacity installed in connection with your property.

Line 13 Generally, for purposes of eligibility for and figuring the amount of the investment credit, a lessor of property may elect to treat the lessee as having acquired the property. Once the election is made, the lessee will be entitled to an investment credit for that property for the tax year in which the property is placed in service and the lessor will not be entitled to such a credit.

If the leased property is disposed of or otherwise ceases to be investment credit property, the property will generally be subject to the recapture rules for early dispositions.

The lessor will provide the lessee with all the information needed to complete Part VII, lines 1a through 1g and 1k, if applicable.

For information on making the election, see section 48(d) (as in effect on November 4, 1990) and related regulations. For limitations, see sections 46(e)(3) and 48(d) (as in effect on November 4, 1990).

Line 13b Enter the lessor’s full address on line 13b. Enter the address of the lessor’s principal office or place of business. Include the suite, room, or other unit number after the street address. If the post office doesn’t deliver mail to the street address and the lessor has a P.O. box, show the box number instead.

Do not use the address of the registered agent for the state in which the lessor is incorporated. For example, if a business is incorporated in Delaware or Nevada and the lessor’s principal place of business is located in Little Rock, AR, you should enter the Little Rock address.

If the lessor receives its mail in care of a third party (such as an accountant or attorney), enter on the street address line “C/O” followed by the third party’s name and street address or P.O. box.