Tax Tip 2024-04: Register to monetize clean energy credits with new online IRS tool

IRS Tax Tips February 6, 2024
Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Contact Your Local IRS Office Filing Your Taxes Forms & Instructions Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media	Issue Number: Tax Tip 2024-04 Register to monetize clean energy credits with new online IRS tool Through new elective payment and transfer options, applicable businesses, tax-exempt organizations or entities such as state, local and tribal governments can take advantage of certain tax credits – even if they don't have taxable income. They can apply these options to certain clean energy and manufacturing credits under the Inflation Reduction Act of 2022 and the CHIPS Act. Register online before filing Before filing a tax return, the applicable business or entity must complete the pre-file registration process to receive a registration number. They can register online with the new IRA/CHIPS Pre-filing Registration Tool. Their registration number must be included on their annual return to make an effective election. Interested businesses and entities should submit the pre-filing registration request for the tax year in which they will earn the credit. The IRS recommends that eligible entities register as soon as possible after the facility/property is placed in service and at least 120 days before filing a tax return. This allows time for the IRS to review and request any additional information before issuing the registration number before the due date of the return. If the elective payment amount, together with other tax payments and refundable credits, exceeds income tax liability, the IRS will treat the elective payment amount as an overpayment of tax, which can be refunded or credited to estimated tax for the next tax year. More information Publication 5884, Inflation Reduction Act (IRA) and CHIPS Act of 2022 (CHIPS) Pre-Filing Registration Tool User Guide Elective Pay and Transferability Frequently Asked Questions: Elective Pay IRS: Inflation Reduction Act and CHIPS Act of 2022 Pre-filing Registration Tool How-To Video Publication 5902, Clean Energy Authorization Permission Management User Guide Credits and Deductions Under the Inflation Reduction Act of 2022 About Form 3800, General Business Credit Back to top           Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

---

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com. This service is provided to you at no charge by the Internal Revenue Service (IRS).

---

This email was sent to business.solutions.ve@gmail.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535