The Inflation Reduction Act created two new tax credit delivery mechanisms, elective pay (otherwise known as direct pay) and transferability. These enable state and local governments, nonprofits and other entities to claim clean energy tax credits. Using the IRS’s Energy Credits Online (ECO) tool, more than 1,000 projects have been registered. To facilitate receiving a direct payment or transferring clean energy tax credits, taxpayers must complete the pre-file registration process and receive a registration number using the ECO tool. The registration number must be included on a return when making a direct payment or transfer election. Contact us for details or visit: https://bit.ly/3UcsYiS. © 2024