August 13, 2024
By:
Walter G. Wright
Category:
Arkansas Environmental, Energy, and Water Law
Arkansas Environmental, Energy, and Water Law
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The Internal Revenue Service (“IRS”) issued an August 7th news release providing statistics on the Inflation Reduction Act (“IRA”) clean energy tax credits for the tax year 2023.
The news release says that tax payers have claimed more than $6 billion in credits for residential clean energy investments on 2023 tax returns filed and processed through May 23, 2024.
The IRA enhanced or created more than 20 tax incentives for clean energy manufacturing.
The credits for residential clean energy investments include:
- Solar electricity generation.
- Solar water heating and battery storage.
- Energy efficient home improvements.
- Heat pumps.
- Efficient air conditioners.
- Insulation.
- Windows and doors.
The IRS news release chart includes the following informational data:
- Type of credit.
- Number of returns.
- Credit value.
By way of example, the IRS states that the number of tax returns filed that claimed a residential clean energy credit were 1,246,440. Of these, 752,300 address rooftop solar and 48,840 batteries.
A copy of the IRS news release can be downloaded here.
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