Inflation Reduction Act Resource Hub
Resources for Ohio Businesses
The Inflation Reduction Act is the largest investment in combating climate change ever passed by Congress. The nearly $369 billion in climate and clean energy provisions in the new law include grants and tax credits that will bring down emissions and give businesses the certainty they need to make long-term investments in clean energy.
Business voices were instrumental in securing the passage of this historic legislation, with example after example of companies showing true climate leadership. The act will help companies meet ambitious net zero goals by priming the market for clean energy, clean manufacturing, and zero-emission transportation. It provides businesses with the certainty to make long-term investments in the transition to clean energy. The act's investments will boost American competitiveness, strengthen domestic supply chains, and create millions of jobs. The act secures American supply chains by investing in new and adapted manufacturing facilities that produce clean energy technologies and positions American businesses to compete in the global energy economy. Business voices will continue to be instrumental in advocating for additional policies to put the U.S. and American businesses on a path to rapid decarbonization over the next decade and beyond.
The Inflation Reduction Act is a transformative investment in communities and businesses, and a historic step forward in meeting national and company-level climate goals. The private sector has shown how powerful it can be in shaping climate policy. Business voices will continue to be instrumental in advocating for the additional policies needed to put the U.S. and American businesses on a path to rapid decarbonization over the next decade and beyond. Continue reading to learn more about this historic opportunity and how your business can take advantage of it.
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Provides a tax credit for alternative fuel vehicle refueling and charging property in low-income and rural areas. Alternative fuels include electricity, ethanol, natural gas, hydrogen, biodiesel, and others.
The qualified alternative fuel vehicle refueling property must be for clean burning fuels, as defined in the statute, and must be located in low-income or rural areas.
Transferable? Yes, for property used in a trade or business.
Stackability: No Rules
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Provides a tax credit for purchasers of qualified commercial clean vehicles.
Businesses that acquire motor vehicles or mobile machinery for use or lease; tax-exempt entities that acquire them for use.
"Business use" not narrowly defined. Generally, the term means any use in a trade or business of the taxpayer.
Transferable? No
Stackability: Cannot claim both the 30D credit and 45W credit.
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"13701 provides a technology-neutral tax credit for the production of clean electricity. Replaces the production tax credit for electricity generated from renewable sources (extended in Section 13201 through 2024).
13101 provides a tax credit for the production of electricity from renewable sources."
"13701: Facilities generating electricity for which the greenhouse gas emissions rate is not greater than zero.
13101: Facilities generating electricity from wind, biomass, geothermal, solar, small irrigation, landfill and trash, hydropower, and marine and hydrokinetic renewable energy."
Transferable? Yes
Period of Availability:
"13701: Facilities placed in service after 12/31/24. Phase-out starts the later of (a) 2032 or (b) when U.S. greenhouse gas emissions from electricity are 25% of 2022 emissions or lower.13101: Projects beginning construction before 1/1/25."
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Description: Provides a technology-neutral tax credit for investment in facilities that generate clean electricity. Replaces the investment tax credit for energy property (§48) for property placed in service in 2025 and later.
Eligible Recipients: Facilities that generate electricity with a greenhouse gas emissions rate that is not greater than zero and qualified energy storage technologies.
Base Credit Amount: 6% of qualified investment (basis)
Bonus Credit Amount: Credit is increased by 5 times for facilities meeting prevailing wage and apprenticeship requirements. Credit is increased by up to 10 percentage points for facilities meeting certain domestic content requirements for steel, iron, and manufactured products. Credit is increased by up to 10 percentage points if located in an energy community.
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Description: Provides a tax credit for investments in advanced energy projects, as defined in 26 USC § 48C(c)(1).
Eligible Recipients: A project that (1) re-equips, expands, or establishes an industrial or manufacturing facility for the production or recycling of a range of clean energy equipment and vehicles; (2) re-equips an industrial or manufacturing facility with equipment designed to reduce greenhouse gas emissions by at least 20 percent; or (3) re-equips, expands, or establishes an industrial facility for the processing, refining, or recycling of critical materials.Base Credit Amount: 6% of taxpayer's qualifying investment
Bonus Credit Amount: Businesses can claim a 30% credit for projects meeting prevailing wage and apprenticeship requirements.
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Provides a tax deduction for energy efficiency improvements to commercial buildings, such as improvements to interior lighting; heating, cooling, ventilation, and hot water; and building envelope.
Transferable? Transferability is not allowed for 179D (except state/local governments, tribes, and non-profit organizations can transfer 179D deduction amounts to architects and designers responsible for the building project).
Period of Availability: Permanent; new rules generally begin in 2023.
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Provides a tax credit for the construction of new energy-efficient homes.
Transferable? No
Period of Availability: 2023-2032
PCFO IRA Funding Resource Database
How to Use the Database
To make it easier to find relevant opportunities, the database contains several filters. The tabs at the top can sort by organization type (e.g. government). You can use the drop-down menus to sort by primary topic and/or sector. You can also sort the results in the table by clicking the heading on the row that interests you most (e.g. federal agency).
Remember: Carefully read the details in the table and the federal website. Each opportunity has its own set of criteria, procedures, and important information you need to review before applying. If you have any questions or need further assistance, feel free to contact the PCFO team for help.
Disclaimer: The tax credit information contained within this website is provided for informational purposes only. It is not intended to substitute for expert advice from a professional tax/financial planner or the Internal Revenue Service (IRS).