SECTION 1. PURPOSE

This revenue procedure provides the process under § 48(e) of the Internal Revenue Code (Code) ¹ to apply for an allocation of environmental justice solar and wind capacity limitation (Capacity Limitation) as part of the low-income communities bonus credit program (Program) for 2024 (2024 Program year). Solely with respect to the 2024 Program year, this revenue procedure supersedes Rev. Proc. 202327, 2023-35 I.R.B. 655, and provides important clarifying changes to the application, documentation, and lottery procedures that apply to the 2024 Program year. In addition, this revenue procedure describes how the Capacity Limitation for the 2024 Program year will be divided across the facility categories described in §§ 48(e)(2) (A)(iii) and 1.48(e)-1(b)(2), the Category 1 sub-reservations described in § 1.48(e)-1(i)(1), and the additional selection criteria application options described in § 1.48(e)-1(h). Receipt of an allocation increases the amount of an energy investment credit determined under § 48(a) (§ 48 credit) for the taxable year in which certain solar and wind-powered electricity generation facilities are placed in service.