IRS Pre-Registration Portal Open for IRA Elective Pay and Transferable Credits

February 14, 2024 03:15 AM AEDT | By 3BL

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IRS Pre-Registration Portal Open for IRA Elective Pay and Transferable Credits — Image source: Kalkine Media

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Authored By Joel Laubenstein

Originally published by Joel Laubenstein on pv magazine USA

Registration through the portal is required to obtain a registration number to be included on the income tax return filings needed to claim direct cash payment or transfer credits.

On December 22, 2023, the IRS opened the pre-filing registration portal for credits to be claimed under the Inflation Reduction Act of 2022 (IRA). Registration through the portal is required to obtain a registration number to be included on the income tax return filings needed to claim the tax credits.

This registration impacts both tax exempt entities going the elective pay route to receive a direct cash payment from the IRS and those entities seeking to transfer credits to a third-party buyer in exchange for cash.

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Learn more at Baker Tilly’s Inflation Reduction Act Resource Center.

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