Notice 2023-18, page 508.

The notice establishes the section 48C(e) program to allocate $10 billion of section 48C credits ($4 billion of which

Finding Lists begin on page ii.

may only be allocated to projects located in certain energy communities census tracts) and provides initial program guidance. The Department of Treasury (Treasury Department) and the Internal Revenue Service (IRS) anticipate allocating $4 billion of section 48C credits in the first allocation round, with approximately $1.6 billion of these credits to be allocated to projects located in certain energy communities census tracts. The Treasury Department and the IRS will allocate the remaining credits in future allocation rounds. This notice also provides the general rules for determining the section 48C credit, definitions of qualifying advanced energy projects, and the procedures for allocating the credits.