IRS Virtual Workshop for Tribal Clean Energy Credits
December 12, 2023 @ 11:00 am CST
December 12 at 12:00 pm Eastern
The IRS will be sending a Microsoft Teams invite in a future email. Subscribe to the IRS email list.
The Internal Revenue Service (IRS) has announced a virtual outreach workshop on Tuesday, December 12th at 12:00 p.m. Eastern Time to discuss clean energy tax credits for tribes. These credits were included as part of last year’s Inflation Reduction Act (IRA) and opened up new options to tribes through Elect/Direct Pay tax credits.
The IRS will be sending a Microsoft Teams invite in a future email.
The IRA allows Indian tribal governments and Alaskan Native Corporations to benefit from certain clean energy tax credits through elective pay. For tax years beginning after December 31, 2022, an applicable entity that qualifies for a clean energy tax credit can make an elective payment election. This election will treat certain credits as a payment against their federal income tax liabilities rather than as a nonrefundable credit. The amount of the credit will first offset any tax liability of the entity and any excess will be refundable.