SECTION 1. PURPOSE

This notice establishes the program un­ der § 48(e) of the Internal Revenue Code (Code) ¹ to allocate amounts of environ­ mental justice solar and wind capacity limitation (Capacity Limitation) to quali­ fied solar and wind facilities eligible for the energy investment credit determined under § 48 (Low-Income Communities Bonus Credit Program). In addition, this notice provides initial guidance regarding the overall program design, the applica­ tion process, and additional criteria that will be considered in determining which applicants will receive an allocation of Capacity Limitation in calendar year 2023 under the Low-Income Communities Bo­ nus Credit Program. The Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) will issue further guidance (forthcoming guid­ ance) outlining the specific application procedures, additional criteria, applicable definitions, and other information neces­ sary to submit an application to request an allocation of Capacity Limitation for cal­ endar year 2023 under the Low-Income Communities Bonus Credit Program.

After the 2023 allocation process be­ gins, the Treasury Department and IRS will monitor and assess whether to im­ plement any modifications to the Low-In­ come Communities Bonus Credit Pro­ gram for calendar year 2024 allocations of Capacity Limitation.