Treasury Department, IRS Release Final Rules on Direct Pay Provisions

March 5, 2024

WASHINGTON, D.C. – The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules today on the direct pay provisions included in the Inflation Reduction Act (IRA). Following is a statement from Ray Long, President and CEO of the American Council on Renewable Energy (ACORE) on the guidance:

“We commend Treasury and the IRS for swiftly promulgating final rules on this vital tool to expand the market for clean energy. Today’s announcement helps provide the certainty needed to unleash new opportunities for state, local, and tribal governments, nonprofits, public power entities, and other tax-exempt parties that have been historically unable to access key federal incentives for clean energy. Put simply, these rules will enable these groups to build clean energy projects, lowering the cost of energy for working families and advancing environmental justice.

“Treasury has effectively created another tool to help build affordable, reliable, and clean energy that is made in the USA. Tax-exempt and government entities can now apply the full value of tax credits for building qualifying clean energy projects. There is already significant interest in this as over 1,000 projects have already been submitted through the pre-filing registration process.

“We look forward to the deals, jobs, and reliable energy that the final rule will help to enable.”

Background:

In August, ACORE submitted comments on the proposed regulations for direct pay issued by Treasury and the IRS in furtherance of prior individual and joint comments addressing a range of pertinent issues. ACORE staff has also participated in multiple conversations and roundtables with the Biden administration on the implementation of the IRA.

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About ACORE:
For over 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s leading voice on the issues most essential to renewable energy expansion. ACORE unites finance, policy, and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.

Media Contacts:
Alex Hobson
Sr. Vice President, Communications
American Council on Renewable Energy
hobson@acore.org | 202.830.3592 (o) | 202.594.0706 (c)

Dylan Helms
Manager, Communications
American Council on Renewable Energy
helms@acore.org | 202.935.6491 (o) | 727.290.8804 (c)

The post Treasury Department, IRS Release Final Rules on Direct Pay Provisions appeared first on ACORE.

https://acore.org/news/treasury-department-irs-release-final-rules-on-direct-pay-provisions/

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