On June 14, the U.S. Treasury and Internal Revenue Service (IRS) released a package of guidance documents on new options for taxpayers to receive direct payment or transfer new energy incentives enacted in last year’s the Inflation Reduction Act (IRA), including:
- Temporary regulations (T.D. 9975) outlining the mandatory information and registration requirements for taxpayers that elect to receive direct payments or to transfer energy credits (effective June 21).
- Proposed regulations under section 6417 providing rules for the direct-payment election.
- Proposed regulations under section 6418 governing the transfer of applicable credits.
- Frequently Asked Questions (FAQs) covering the new rules for applicable entities that earn clean-energy credits and choose to monetize the credits.
The guidance package is open to public feedback, with comments due on the two proposed regulations by Aug. 14, 2023, and comments on the temporary regulations due on Aug. 21, 2023.
Originally shared by Clean Fuels Alliance America.