The U.S. Department of the Treasury, Internal Revenue Service (IRS) has announced that it will host a webinar today, March 5, 2024 at 2:00pm ET on the final rule and guidance for the Elective Pay/Direct Pay of tax credits authorized by the Inflation Reduction Act of 2022.
To register for this webinar, please click here.
The final regulations include:
- Definition of “applicable entity”;
- Details on the pre-filing registration process;
- Determining the tax year for entities that do not have a federal income tax or Form 990 filing obligation;
- A special rule on tax-exempt grants and forgivable loans; and
- Applicable entities that co-own electricity-producing applicable credit property
USET SPF submitted comments to Treasury on August 18, 2023 calling on Treasury to ensure that the necessary guidance, technical assistance, and other resources are readily available and accessible to Tribal Nations to effectively leverage these credits. We look forward to reviewing Treasury’s final regulations on this issue. Additionally, we are aware that the tax status of Tribally chartered corporations (TCCs) will be addressed separately from this final rule.
In addition, Treasury has announced that it will be hosting a Tribal consultation on, “Elective Pay and Certain Joint Ownership Arrangement”, on Friday, April 5, 2024 at 1:00pm ET. To register for this Tribal consultation, please click here.
Please contact Melanie Plucinski, Tribal Infrastructure Policy Analyst, at mplucinski@usetinc.org if you have any questions.
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