On March 11, the Treasury Department and Internal Revenue Service (IRS) issued final regulations (Final Regulations) under Section 6417 of the Internal Revenue Code (Code), providing rules for the elective payment of applicable credits under Code Section 6417. Section 6417 of the Code allows certain applicable entities, including tax-exempt and government entities (Applicable Entities), to elect to receive direct payments from the IRS for these credits.
IRS and Treasury Department Issue Final and Proposed Regulations Regarding ‘Direct Pay’ Rules Under Inflation Reduction Act and Code Section 6417, Notice Regarding ‘Chaining’ and Revised FAQs
