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IRS Provides Additional Guidance for Advanced Energy Projects Under Section 48C of the Code

On May 31, 2023, the IRS released Notice 2023-44, which provides additional guidance for applicants seeking allocations of the Qualifying Advanced Energy Project Credit under Section 48C of the Internal Revenue Code (a “Section 48C credit”). The Section 48C credit program governs the allocation of $10 billion in U.S. federal income tax credits available to eligible projects. Of the $10 billion allocation, $4 billion must be allocated to projects located in an “energy community” (as defined in Section 45(B)(11)(b) of the Code).

Previously, the IRS issued Notice 2023-18 (summarized in our GT Alert) establishing the Section 48C credit program. Notice 2023-44 clarifies the process for applicants to submit concept papers to the Department of Energy and explains the criteria considered during the evaluation process for applicants seeking a recommendation from the Department of Energy for allocations of the Section 48C credit. Additionally, Notice 2023-44 provides updated appendices, previously published in Notice 2023-18, for defining qualifying advanced energy projects, the Department of Energy application process, and the Section 48C(e) energy community census tracts.

©2023 Greenberg Traurig, LLP. All rights reserved. National Law Review, Volume XIII, Number 152

About this Author


John Eliason, Global Co-Head of Energy Project Finance, is a highly respected attorney in the field of tax equity. He has spent more than 20 years representing tax equity investors and developers, with a focus on renewable and alternative energy for the last decade. John has played a pivotal role in the advancement of the renewable energy market. His clients include major financial institutions (tax equity investors and infrastructure funds), solar, wind, and alternative energy developers, as well as leading equipment manufacturers.

John focuses his practice on advising tax equity...

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Kenneth Minesinger, Greenberg Traurig Law Firm, Washington DC, Energy and Litigation Attorney

Ken Minesinger is Co-Chair of GT’s Energy & Natural Resources Practice group. Ken represents clients in the development of their oil and gas resources, and on energy regulatory issues. Ken has represented clients in commercial and fiscal negotiations; joint venture negotiations; complex ratemaking and restructuring proceedings; certificate/licensing proceedings and related project development matters; complaint proceedings; and investigations into allegations of market manipulation, the exercise of market power, and alleged violations of agency rules and policy....

Margaret Weil Financial Lawyer Greenberg Traurig Law Firm
Of Counsel

Margaret J. Weil focuses her practice on tax planning and advice for private equity transactions, mergers and acquisitions, financings, and other commercial transactions. She advises domestic and international corporations, partnerships, and high-net-worth individuals on a broad range of tax matters, including domestic and cross-border M&A, securities offerings, restructurings, tax compliance, and the federal, state, and international tax developments that affect their transactions and ongoing business operations.


  • Mergers and acquisitions

Braxton T. Roam Associate Greenberg Traurig, LLP

Braxton T. Roam focuses his practice on energy project finance and taxation. Braxton advises tax equity investors, lenders, developers, and sponsors in the renewable energy space—particularly those relating to wind, solar, biomass, and other emerging technologies—with structuring and closing transactions that rely on federal and state tax incentives. His experience includes matters involving Internal Revenue Code section 48 Investment Tax Credits (ITC), section 45 Production Tax Credits (PTC), section 45Q Carbon Oxide Sequestration Credits, section 1400Z Qualified...


Ben Almy utilizes deep in-house tax experience to advise his clients. In his managerial role at AES Clean Energy, he led tax analysis on utility-scale and distributed generation renewable project acquisitions – particularly relating to solar, wind, stand-alone storage, and green hydrogen projects. His experience includes drafting and reviewing commercial contracts for project acquisitions, equipment procurement, construction, and partnership formation, with a focus on tax provisions. He advises on federal and state tax incentives, state and local tax compliance, and tax-efficient...