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WASHINGTON, D.C. — This week, the U.S. Division of the Treasury issued new steerage on Part 6418 of the Inflation Discount Act (IRA) that permits clear vitality tax credit to be monetized by instantly transferring the credit score to a taxpaying entity.
Following is an announcement from Ben Norris, vice chairman of regulatory affairs on the Photo voltaic Power Industries Affiliation (SEIA):
“Expanded clear vitality tax credit are supercharging America’s vitality financial system. The photo voltaic and storage trade appreciates Treasury’s efforts to rapidly finalize advanced guidelines round tax credit score transferability, serving to to supply the pliability many clear vitality firms want to maneuver ahead with billions of {dollars} in investments.
“These guidelines permit photo voltaic, storage, and manufacturing firms of all sizes to effectively monetize numerous tax credit with out the necessity for big, advanced, and expensive tax fairness constructions. The foundations will strengthen current switch markets and add a lot wanted liquidity for clear vitality companies as they navigate excessive rates of interest and different financial headwinds.
“With the transferability provisions of the Inflation Reduction Act (IRA) fully implemented, we continue to call on the Biden administration to revise proposed Basel III rules on tax equity capitalization requirements. The U.S. solar and storage industry is expected to add over half a trillion dollars to the U.S. economy over the next decade, and the proposal as written threatens to blunt the impact of the IRA’s transferability provisions.”
From the Solar Energy Industries Association® (SEIA)
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