The Biden administration on Tuesday released final guidance on how clean energy companies can secure additional tax credits when investing in U.S. communities economically tied to fossil fuels like oil and coal.
passed last year by Democrats extended a 30% tax credit for wind, solar and other green energy projects, but also provided an extra 10% boost to those investing in so-called "energy communities."
The extra credit will likely cover projects in places like coal-heavy Appalachia decimated by mine and plant closures. The bonus credit also is available to other "energy communities" - areas that have significant employment or local tax revenues from fossil fuels and higher than average unemployment.
The community must also have an unemployment rate at or above the national average unemployment rate for the previous year.
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