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IRS Announces Elective Pay Final Regulations for Renewable Energy ITCs

Wednesday, March 6, 2024 - 11:26AM

The Internal Revenue Service (IRS) announced Tuesday it will issue in the March 11 Federal Register elective pay final regulations for the renewable energy investment tax credit (ITC). The decision adopts and codifies temporary regulations issued in June 2023 with slight modifications after two rounds of public comments, including a comment letter and testimony from the Renewable Energy Working Group, hosted by Novogradac. The final regulations modify the limitations for elective pay, modify the denial of the double benefit rule and provide an interim rule for determining a partner’s distributive share of the tax-exempt income. The regulations take effect May 10.

For more information about ITCs, attend the Novogradac 2024 Spring Renewable Energy Tax Credits Conference, May 16-17 at the Rancho Bernardo Inn in San Diego.

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