KPMG report: Final regulations on direct pay of certain tax credits under IRA, observations and analysis
A KPMG report that provides analysis and observations of the final regulations on direct pay of certain tax credits.
Final regulations on direct pay of certain tax credits under IRA
The U.S. Treasury Department and IRS issued final regulations related to the direct pay election of certain tax credits available under the “Inflation Reduction Act of 2022” (IRA). These regulations respond to comments submitted by taxpayers, and describe the rules for the direct pay election, special rules applicable to certain types of entities, penalties for excessive payments, basis reductions and recapture, denial of double benefit, and the pre-filing registration process. Read TaxNewsFlash
The final regulations are effective, and the temporary regulations are removed, beginning May 10, 2024.
Read a March 2024 report [PDF 2.2 MB] prepared by KPMG LLP that provides analysis and observations of the final regulations.
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