Bookmark and Share [ [link removed] ]

a { color:#0073AF !important;} a:hover { color:#004673 !important;} <!-- body { font-family: arial; } p { font-size: 12px; } li { font-size: 12px; } h2 { font-size: 24px; font-style: italic;} -->
IRS.gov Banner
IRS Newswire March 5, 2024

News Essentials

What's Hot [ [link removed] ]

News Releases [ [link removed] ]

IRS - The Basics [ [link removed] ]

IRS Guidance [ [link removed] ]

Media Contacts [ [link removed] ]

Facts & Figures [ [link removed] ]

Around The Nation [ [link removed] ]

e-News Subscriptions [ [link removed] ]

________________________________________________________________________

The Newsroom Topics

Multimedia Center [ [link removed] ]

Noticias en Espa?ol [ [link removed] ]

Radio PSAs [ [link removed] ]

Tax Scams [ [link removed] ]

The Tax Gap [ [link removed] ]

Fact Sheets [ [link removed] ]

IRS Tax Tips [ [link removed] ]

Armed Forces [ [link removed] ]

Latest News Home [ [link removed] ]

________________________________________________________________________

IRS Resources

Contact My Local Office [ [link removed] ]

Filing Options [ [link removed] ]

Forms & Instructions [ [link removed] ]

Frequently Asked Questions [ [link removed] ]

News [ [link removed] ]

Taxpayer Advocate [ [link removed] ]

Where to File [ [link removed] ]

IRS Social Media [ [link removed] ]

________________________________________________________________________


*Issue Number:?* ? IR-2024-61

*Inside This Issue*
________________________________________________________________________

Treasury, IRS finalize rules on elective payments of certain clean energy credits under the Inflation Reduction Act

WASHINGTON ? The Department of the Treasury and Internal Revenue Service issued final regulations [ [link removed] ] today for applicable entities that earn certain clean energy credits and choose to make an elective payment election.

For tax years beginning after Dec. 31, 2022, applicable entities can choose to make an elective payment election, which will treat certain clean energy credits as a payment against their federal income tax liabilities rather than as a nonrefundable credit. This payment will first offset any income tax liability of the applicable entity and any excess is refunded to the applicable entity.

Applicable entities generally include tax-exempt organizations, state and local governments, Indian tribal governments, Alaska Native Corporations, the Tennessee Valley Authority and rural electric cooperatives. Electing taxpayers, which includes other taxpayers, may elect to be treated as an applicable entity for a limited number of credits.

Previously, the IRS issued proposed regulations [ [link removed] ] for the elective payment of applicable credits and temporary regulations [ [link removed] ] that provide rules for the mandatory IRS pre-filing registration process through the Inflation Reduction Act (IRA) and CHIPS Act of 2022 (CHIPS) pre-filing registration tool [ [link removed] ].

For detailed instructions on how to use the tool, refer to Publication 5884, Inflation Reduction Act (IRA) and CHIPS Act of 2022 (CHIPS) Pre-Filing Registration Tool -- User Guide and Instructions [ [link removed] ].

The IRS also updated the elective payment frequently asked questions [ [link removed] ] based on the final regulations.

The pre-filing registration process must be completed, and a registration number received, prior to making an elective payment election.

Proposed regulations [ [link removed] ] were also issued today regarding elections by certain unincorporated organizations that are owned by one or more applicable entities to be excluded from the application of the partnership tax rules. These proposed regulations would provide certain exceptions to the existing regulations for certain unincorporated organizations with one or more applicable entities and would allow such entities to make an elective payment election.

Finally, the IRS issued Notice 2024-27 [ [link removed] ] that requests additional comments on any situations in which an elective payment election could be made for a clean energy credit that was purchased in a transfer, which is referred to as chaining.

*Resources:*


* Elective Pay Overview, Publication 5817 [ [link removed] ]
* Rural Electric Cooperatives, Publication 5817-A [ [link removed] ]
* U.S. Territorial Governments, Publication 5817-B [ [link removed] ]
* Alaska Native Corporations, Publication 5817-C [ [link removed] ]
* Tax-Exempt Organizations, Publication 5817-D [ [link removed] ]
* State and Local Government, Publication 5817-E [ [link removed] ]
* Indian Tribal Governments, Publication 5817-F [ [link removed] ]
* Clean Energy Tax Incentives: Elective Pay Eligible Tax Credits, Publication 5817-G [ [link removed] ]

?

Back to Top [ #Fifteenth ]

________________________________________________________________________

FaceBook Logo [ [link removed] ]??YouTube Logo [ [link removed] ] ?Instagram Logo [ [link removed] ]? Twitter Logo [ [link removed] ] ?LinkedIn Logo [ [link removed] ]

________________________________________________________________________

Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe [ [link removed] ].

This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.


________________________________________________________________________

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need your email address to log in. If you have questions or problems with the subscription service, visit subscriberhelp.govdelivery.com [ [link removed] ].

This service is provided to you at no charge by the Internal Revenue Service (IRS) [ [link removed] ].


body .abe-column-block {min-height: 5px;} ________________________________________________________________________

This email was sent to [email protected] by: Internal Revenue Service (IRS) ? Internal Revenue Service ? 1111 Constitution Ave. N.W. ? Washington, D.C. 20535 GovDelivery logo [ [link removed] ]
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}