IRS, Treasury Finalize New Rules to Expand Access to Clean Energy Tax Credits

Biden administration’s new tax credit rules aiming to ‘accelerate the transition to a greener economy’ take effect on Jan. 19, 2025.
IRS, Treasury Finalize New Rules to Expand Access to Clean Energy Tax Credits
The Internal Revenue Service (IRS) building in Washington on Jan. 4, 2024. Madalina Vasiliu/The Epoch Times
Tom Ozimek
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The Internal Revenue Service (IRS) and the U.S. Treasury Department have announced new rules to broaden access to tax credits for certain types of co-owned projects, with the aim of accelerating the buildout of the clean energy economy.

The final regulations allow entities like state and local governments, tribal organizations, and non-profits to access clean energy tax credits through elective pay, also known as direct pay, according to a notice jointly issued by the two agencies on Nov. 19. Elective pay allows eligible entities and organizations to reap the full benefit of clean energy incentives by converting certain clean energy tax credits into refundable payments.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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