Tax Law and News Register with IRS to monetize clean energy credits Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Feb 16, 2024 1 min read 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 Form 3800, General Business Credit Previous Post How Intuit® prepares for tax law changes Next Post 7 warning signs ERC claims may be incorrect Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Tax Law and News Guidance for Adv. Manufacturing Investment Credit Tax Law and News Clean vehicle credits: Inflation Reduction Act Tax Law and News IRS begins correcting tax returns for unemployment comp… Tax Law and News Tax credits available to small employers to provide pai… Tax Law and News Taxing Nonprofits: Changes in Unrelated Business Income Tax Law and News IRS readies nearly 4 million refunds for unemployment c… Tax Law and News Pass-through entity taxation for business growth Tax Law and News Guide to energy and clean vehicle tax credits Tax Law and News IRS Releases Publication 535 With Details Around Qualif… Tax Law and News IRS Changes and Updates for Tax Year 2017