The U.S. Department of the Treasury and IRS have released final rules on Inflation Reduction Act provisions that aim to expand the reach of the clean energy tax credits.
The Act created the new elective pay and transferability credit delivery mechanisms that aims to help enable state, local and Tribal governments; non-profit organizations and other entities take advantage of clean energy tax credits.
“The Inflation Reduction Act’s new tools to access clean energy tax credits are a catalyst for meeting President Biden’s historic economic and climate goals,” says Secretary of the Treasury Janet L. Yellen. “They are acting as a force multiplier, bringing governments and nonprofits to the table for the first time and enabling companies to realize greater value from incentives to deploy new clean power and manufacture clean energy components. More clean energy projects are being built quickly and affordably, and more communities are benefitting from the growth of the clean energy economy.”
Along with final rules on elective pay, the Treasury today also issued a separate Notice of Proposed Rulemaking, intended to provide further clarity and flexibility for applicable entities that co-own clean energy projects and would like to utilize elective pay.
To facilitate eligible entities receiving a direct payment, transferring a clean energy credit, or claiming a CHIPS credit, the IRS built Energy Credits Online for recipients to complete the pre-file registration process and receive a registration number.
Ahead of a vote in the European Parliament on new debt rules for EU countries, the Greens co-president Philippe Lamberts warned against the “end of the European Union as we know it” in a worst-case
Several European airlines are already considering charging passengers an ‘environmental cost surcharge’ as they face up to climate change goals, but frequent flyers could feel the sharpest sting
In a bold stride toward curbing global financial secrecy, the European Parliament has adopted a pivotal report in the aftermath of the Pandora Papers revelations, casting a spotlight on the intricate
Experts from the United Nations asked the OECD in a letter to study how its plans for a global minimum tax and a reallocation of large companies’ tax payments could impact human rights, claiming