U.S. Treasury Department issues final rules regarding land-based clean energy technologies, strengthening critical minerals supply chains, and expanding the U.S. manufacturing base under the Invest in America Agenda

The Advanced Manufacturing Credit has contributed to more than $126 billion in clean energy investments announced over the past two years.

WASHINGTON Today, the U.S. Department of the Treasury and the IRS released final rules for the Advanced Manufacturing Production Credit (Section 45X of the Internal Revenue Code), to spur continued growth in energy manufacturing specific to the United States as part of the investments of President Biden and Vice President Harris. in America.

The Advanced Manufacturing Production Credit helps level the playing field for U.S. companies in the local production of critical clean energy technologies such as solar and wind components, batteries and energy storage, as well as critical minerals. The final rules announced today will expand America's clean energy production base, create good-paying jobs, strengthen the nation's energy security, and build the reliable and responsible supply chains needed to meet America's climate goals. UNITED STATES. In particular, the final rules will accelerate the development of domestic critical mineral supply chains by allowing taxpayers to include material costs and extraction costs in the production costs of critical minerals and electrode active materials. applicable, provided that certain conditions are met. This change, based on stakeholder feedback, will enable greater investment in the responsible extraction and processing of critical minerals in the United States and strengthen America's energy security and clean energy supply chains .

The Biden-Harris administration's economic agenda is driving a manufacturing boom across the country that I've seen in North Carolina, Kentucky and Georgia. These investments create good-paying jobs, strengthen U.S. supply chains and reduce costs for American consumers and businesses, said U.S. Treasury Secretary Janet L. Yellen. The final rules announced today will help businesses continue to invest and innovate in the United States as we grow our clean energy economy.

The Biden-Harriss Investing in America agenda creates game-changing opportunities that will transform our energy economy, promote energy security and ensure America is globally competitive in the 21st century, said U.S. Secretary of Energy Jennifer Granholm. These final rules will help strengthen energy dominance while reducing emissions and level the playing field for U.S. companies wanting to produce critical clean energy technologies locally, thereby mitigating market manipulation by our competitors.

The Inflation Reduction Act takes a government-backed, but private-sector-led, approach to building a clean energy economy in America, said John Podesta, senior adviser to the president for international climate policy. Today's final rules will continue to fuel America's clean energy boom, which has already seen nearly $450 billion in new investments announced by the private sector since President Biden and Vice President Biden took office. President Harris.

As part of the resurgence of U.S. manufacturing supported by the Biden-Harris Administration, today's Advanced Manufacturing Tax Credit final rule will catalyze business investment in the clean energy technologies of the future, help secure domestic supply chains for critical minerals and will enable American workers and businesses to grow. in a position to supplant China, said national economic advisor Lael Brainard.

For too long, technologies invented in America have been made elsewhere. No more. President Biden and Vice President Harris are finally bringing that manufacturing home, said Ali Zaidi, national climate adviser at the White House. We leverage the industrial power of the Americas. In factories across the country, American workers are now making the technologies of the future. These Biden-Harris tax credits remove barriers to economic opportunity and support union workers. We are revitalizing America's manufacturing industry and rebuilding America's middle class. This is how we tackle the climate crisis, strengthen energy and mining security and win the future.

Since President Biden signed the Inflation Reduction Act more than two years ago, the Advanced Manufacturing Production Credit has been a major driver of the clean energy manufacturing boom with more than $126 billion of private sector announcements made since the law's passage, including about $77 billion for batteries, $6 billion for critical minerals, $19 billion for solar and $8 billion for wind power, according to recent data from the Rhodium Group/MIT Clean Investment Monitor (CIM).

Today's final rules will provide taxpayers with greater clarity and certainty to drive even more investment in clean energy and critical minerals. Because the Advanced Manufacturing Production Credit is eligible for the new monetization provisions of the Inflation Reduction Act to help ensure that businesses receive the full value of optional pay and portability incentives, the Tax credit is particularly powerful for start-up businesses that have low tax liability.

The final rules announced today are largely consistent with proposed regulations published in December 2023. The final rules clarify definitions and confirm credit amounts for eligible components, including solar energy components, wind energy components , inverters, eligible battery components and applicable critical minerals; define key terms to encourage U.S. production and clarify the circumstances under which taxpayers can claim the credit; and finalize important safeguards to prevent potential fraud, waste, or abuse, including safeguards against duplicate crediting of the same component, crediting of non-value-added activities, or extraordinary circumstances in which components are produced but are not used productively.

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