Latest news with #ITC
Time Business News
13 hours ago
- Business
- Time Business News
From Fossil Fuels To Green Futures: Understand The Role Of Energy Community Tax Credit Bonus
The world is rapidly shifting towards cleaner energy. In the United States, the transition from fossil fuels to renewable energy sources is picking up speed, partly due to strong incentives such as the energy community tax credit bonus. This bonus is transforming the landscape for investors, developers, industries, and communities that previously relied on coal, oil, gas, or other petroleum products. If you want to understand how this incentive works and why it is significant, you have come to the right place. The clean energy community tax credit bonus is a financial incentive for clean energy projects constructed in communities that have previously had a history of fossil fuel production or experienced high unemployment that is linked to the energy industry. The Inflation Reduction Act (IRA) of 2022 designed it, aiming to transition communities away from fossil fuels and into green energy by making renewable projects cheaper and desirable. Once a project receives qualification, it is entitled to a 10% boost of its tax credit worth. For example, a solar project which otherwise would be entitled to 30% investment tax credit can be given 40% if it is located in an energy community and fulfills certain conditions. The bonus is available for a number of tax credits such as: Investment Tax Credit (ITC) Production Tax Credit (PTC) Clean Electricity Production Credit (CEPC) Clean Electricity Investment Credit (CEIC) Energy communities are regions that have relied on fossil fuel industries and jobs for a long time. A majority of these communities have suffered from economic adversity and unemployment resulting from the shutdown or scaling down of coal mines, oil fields, and gas plants. The energy community tax credit bonus is specifically aimed at providing for the revival of such communities by stimulating fresh investment, creating work opportunities, expanding the energy economy, and building a future in clean energy. The primary types of energy communities are the following: Brownfield Sites: Areas or regions of land upon which pollution or toxic substances complicate redevelopment and rehabilitation. Fossil Fuel Communities: Locations where coal, oil or gas industries have traditionally provided a high level of employment. High Unemployment Places: Places where unemployment is higher than average, typically associated with failing fossil fuel industries. The energy community tax credit bonus provides an additional 10 percentage points to the qualified tax credit for a project. For instance: If a solar farm is eligible for a 30% ITC, the bonus can boost it to 40%. If a wind project receives a 2.75 cents/kWh PTC, the bonus increases it to approximately 3.025 cents/kWh. This additional credit can translate into millions of dollars in savings for big projects. It helps make it easier for developers to borrow money and for towns to bring in new business. To be eligible for the energy community tax credit bonus, a project has to be located within an approved energy community. Maps and lists of qualifying areas are maintained by the Department of Energy and the IRS and are updated regularly. Developers further have to comply with some wage and apprenticeship requirements before they qualify for the bonus. Eligibility for this bonus is decided when the project is put into service. For some regions, bonus eligibility can shift from year to year based on unemployment levels, so timing and careful planning are key. A Renewable Gas Project: A major U.S. city collaborated with consultants to demonstrate their project touched two qualifying census tracts. They were awarded the 10% bonus, which relieved some of the development and construction expenses. A university constructed a geothermal heating and cooling system on land that once housed an industrial building. Since it qualified as a brownfield, the project secured the bonus and earned additional tax credit revenue. Here are three reasons why this bonus is important: The 10% bonus can break or make a project's budget. For investors, it signifies higher returns and reduced risk. For developers, it makes for a stronger business case for development in communities that require fresh investment. By focusing on regions hit hardest by the decline of fossil fuels, the bonus assists in job creation and supports local economies. It invites new businesses to establish themselves in locations with existing worker skills and energy infrastructures. With increasingly more projects being constructed, the U.S. can accelerate toward its clean energy vision. The bonus encourages solar, wind, battery storage, and even hydropower and geothermal projects to become reality. Solar Farms including rooftop and utility-scale projects are eligible for the bonus. Onshore and offshore wind farms utilising wind energy can secure the benefits. Battery storage systems that help with grid-balancing are also eligible. Hydropower & Geothermal projects also qualify in certain eligible areas. Check Eligibility: Use the Energy Communities Map curated by the Department of Energy or seek advice from a tax professional. Meet Requirements: Projects must comply with prevailing wage and apprenticeship regulations to receive the full bonus. File Carefully: When applying for the ITC or PTC you should submit documentation indicating the project's location and eligibility. Stay Updated: Qualifying areas and regulations change frequently and may change each year, so keep up with the latest IRS and DOE guidelines. The energy community tax credit bonus is a powerful tool to help communities move away from fossil fuels into a cleaner future. It offers real financial incentives, encourages new investment, helps create jobs, catalyzes local economies, and enables the clean energy transition where it is most needed. Developers and investors can maximize this opportunity by learning how the bonus works and staying updated. TIME BUSINESS NEWS
Phone Arena
15 hours ago
- Business
- Phone Arena
Samsung set to win infringement case which will impact iPhone 17e prices
Samsung filed an infringement case against Chinese display manufacturer BOE ages ago, and is now set to win after a recent ruling by the ITC ( International Trade Commission ). When the case concludes, the results will be a major blow to BOE, and will most likely negatively impact the pricing of the iPhone ITC has ruled ( translated source ) that BOE infringed on Samsung Display's trade secrets. Furthermore, new restrictions are currently set to be placed on BOE, which will prevent any products containing its display panels from being imported into the U.S. This will be problematic for Samsung's largest rival in the smartphone space: Apple. Apple has used BOE for its more affordable displays for years, particularly on budget offerings like the iPhone 16e. The iPhone 17e was likely going to use BOE panels as well, but may no longer be allowed to do so. This will almost assuredly result in prices going up. Additionally, BOE had just scored a major win with Apple, having been entrusted with iPhone 17 display production for the Chinese market. Until very recently, BOE had been failing to meet Apple's standards, and was set to lose out on iPhone 17 orders entirely. While the ITC's ruling shouldn't affect devices being made for Chinese consumers, it will make it much more difficult for BOE to conduct further business with Apple. The iPhone 16e uses displays manufactured by BOE. | Video credit — Apple Apple has been trying to shift entirely to using displays provided by BOE for years. The manufacturer was recently projected to have the majority share of MacBook displays as well. Simply put, BOE provided displays at more affordable rates than Samsung Display and LG Display. As such, Apple saw it as a means to reduce manufacturing there was always something going wrong with BOE's attempts. Either its displays wouldn't meet the standards for global implementation on the top-end iPhone models, or it would try to pull a fast one on Apple. This new development may be the final nail in the coffin for BOE for a very long time. It all depends on whether the company is able to catch up to its competitors quickly, hopefully by its own merit this time. Secure your connection now at a bargain price! We may earn a commission if you make a purchase Check Out The Offer
Barnama
17 hours ago
- Business
- Barnama
A User-friendly Guide For Tourist Seeking To Explore Mosques
KOTA BHARU, July 14 (Bernama) -- The Tourism Mosque Directory, available in digital format at serves as a user-friendly guide for tourists and industry players seeking to explore mosques across Malaysia. Deputy Minister of Tourism, Arts and Culture Datuk Khairul Firdaus Akbar Khan said the directory was developed to cater to the needs of tourists looking for places of worship, cultural experiences, or heritage attractions, while also providing mosques that welcome visitors with greater visibility and reach. He said the directory goes beyond a mere listing of locations, functioning as a platform that enables tourists to easily access comprehensive information about mosques, including their historical background, local community highlights, available facilities, and nearby tourist attractions. "This initiative also creates opportunities for local communities to actively participate in the tourism sector, in line with the spirit of Malaysia MADANI, which emphasises citizen involvement and shared prosperity," he said. He said this to reporters after closing the 2025 Mosque Tourism Roundtable (MTRT) and the Launch of the Mosque Tourism Directory, here today. Also present was Acting Director General of the Islamic Tourism Centre (ITC) Nur Alyssa Coraline Yussin. Khairul Firdaus said that the Tourism Mosque directory is an important step in the lead-up to Visit Malaysia Year (TMM) 2026, particularly in positioning mosques as unique and valuable tourism products. 'To date, 51 mosques have been listed in the Tourism Mosque Directory, and we welcome any parties interested in being included in this directory to contact the ITC to coordinate the necessary arrangements,' he said. Among the tourism mosques currently accessible on the My Muslim Trip website are the Jamek Muhammadi Mosque in Kelantan, the Putra Mosque in Putrajaya and the Federal Territory Mosque in Kuala Lumpur. Meanwhile, commenting on MTRT 2025, Khairul Firdaus emphasised that mosque tourism should be seen as a bridge connecting visitors to the values, heritage, and simplicity of Islam, while creating space for interfaith and intercultural dialogue.
Time of India
21 hours ago
- Business
- Time of India
ITC Share Price Live Updates: ITC reports a decline in returns over the last three months
Welcome to the ITC Stock Liveblog, your real-time source for the latest updates and comprehensive analysis on a prominent stock. Dive into the current details of ITC, including: Last traded price 416.65, Market capitalization: 521588.51, Volume: 14686, Price-to-earnings ratio 15.01, Earnings per share 27.77. Our liveblog offers a complete overview of ITC through a blend of fundamental and technical indicators. Stay informed about breaking news that can shape ITC's performance in the market. Our market analysis and expert opinions empower you to make informed investment decisions. Join us as we unravel the potential of ITC in the ever-changing market landscape. The data points are updated as on 09:05:31 AM IST, 14 Jul 2025 Show more Show less
Hindustan Times
a day ago
- Hindustan Times
Ludhiana: Second accused held in ₹180-cr GST fraud case
In a major breakthrough in the ongoing investigation into a large-scale bogus GST invoice racket, the Anti-Evasion Wing of the CGST Commissionerate, Ludhiana, has arrested another key accused. This comes just days after the first arrest made on July 8 in the same case. One of the firms linked to this network had already claimed a GST refund of ₹ 8.74 crore using ITC sourced from non-existent suppliers. (HT Photo) The latest accused is alleged to be the controller and operator of two fake firms and has been identified as a significant player in a network issuing fraudulent GST invoices and facilitating illegal refunds, resulting in substantial losses to the exchequer. According to officials, the probe so far has unearthed a syndicate running multiple fictitious firms, which collectively issued fake GST invoices amounting to a taxable value of ₹1,786 crore. These invoices enabled the wrongful claim of Input Tax Credit (ITC) worth ₹180 crore — all without the actual supply of any goods or services. The fraudulent ITC was then used to secure GST refunds under the inverted duty structure. One of the firms linked to this network had already claimed a GST refund of ₹8.74 crore using ITC sourced from non-existent suppliers. The person responsible for this refund was apprehended earlier this week. With two arrests now made, officials say that the investigation is far from over. Efforts are underway to identify other individuals and entities involved in this sophisticated tax fraud network.
