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.
European Commissioner Virginjus Sinkevicius has proposed raising more money for Ukraine by imposing a special tax on Western firms that refuse to cut ties with Russia. “We still have companies that
Launched today at the 15th Meeting of the Africa Initiative in Lomé, Togo, Tax Transparency in Africa 2024: Africa Initiative Progress Report shows African countries collected more fiscal revenue through
As reported in LondonLovesBisiness.com on wednesday 11 September, HMRC has added four more tax avoidance schemes to its list of known avoidance promoters. The update, issued on 5 September, should
The Bahamas must “avoid stumbling into the pitfalls of the past” by upholding regulatory standards to maintain its perfect rating on anti-financial crime compliance, the Prime Minister says. Philip