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Renewable Energy Tax Credits News Briefs - March 2024

The U.S. Department of Treasury and Internal Revenue Service (IRS) Jan. 18 announced that more than 1,000 projects are registered through the IRS Energy Credits Online portal for elective pay or transferability. Those options were added by the Inflation Reduction Act of 2022 to enable specific entities–including state, local and Tribal governments; nonprofits and U.S. territories–to benefit from clean energy tax credits. The IRS said that approximately 145 entities have requested registration numbers for direct pay or transferability for more than 1,290 projects or facilities in 40 states and territories. Most of those projects are pursuing transferability.

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The IRS published a correction in the Jan. 12 Federal Register providing corrections to a notice of proposed rulemaking issued in November concerning the definition of energy property and rules applicable to the renewable energy investment tax credit. There are 13 updates in four sections of the original rule. The deadline for public comments was in January. A public hearing was scheduled in February.

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The American Clean Power Association Feb. 5 announced its officers, board of directors and executive committee for 2024. Susan D. Nickey will chair the officers, along with chair-elect Laura Beane, treasurer Brian Van Abel and secretary David Hardy. The organization announced 14 members of its executive committee and 25 members of its board of directors. All selectees serve a one-year term.

Journal Category:

Renewable Energy Tax Credits

Authors:

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