US: Treasury Department, IRS Release Final Rules on Clean Energy Tax Credits

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.

7 February 2024

MALAYSIA: Former Malaysian finance minister charged following Pandora Papers revelations

Daim Zainuddin is among several high-profile Malaysians whose offshore wealth has come under scrutiny by Malaysia’s anti-corruption agency. Malaysian authorities have charged former finance minister

Read More
14 August 2024

MAURITIUS: Mauritius Regulator Denies Offshore Fund Link, Rejects Hindenburg’s ‘Tax Haven’ Claim

The Financial Services Commission of Mauritius said on Tuesday that the offshore fund involved in the conflict of interest allegations made by Hindenburg Research is not based in Mauritius. The FSC

Read More
8 August 2024

US: Hunter Biden Accused in U.S. Criminal Tax Case Over Romanian Payments

Prosecutors allege Hunter Biden received payments from Romanian businessman Gabriel Popoviciu, aiming to influence U.S. government agencies amid a criminal probe in Romania. The trial is set for Sept.

Read More
1 November 2024

HONG KONG: Hong Kong unveils rules for ‘responsible’ AI use as it gets ahead of disruptive technology

Hong Kong’s government outlined its first guidelines on the “responsible” use of artificial intelligence (AI) and embraced blockchain, as regulators strive to get ahead of the technological revolution

Read More