Surgent's Sale and Transfer of Energy Credits: Final Regulations and IRS Guidance
Overview
The Inflation Reduction Act of 2022 included significant business credits for energy investments in vehicles, manufacturing, alternative fuels, and carbon capture, effective for tax years beginning on or after January 1, 2023. As part of this legislation, Congress authorized two novel credit delivery mechanisms: direct pay of the credit under Section 6417 and transfer or sale of the credits under Section 6418. This course will focus on final regulations under these two Code sections, enabling tax practitioners to confidently advise their clients regarding claiming, transferring, and purchasing credits.
Highlights
- Overview of energy credits eligible for transfer or direct pay
- Pre-registration requirement
- Which taxpayers are eligible to transfer credits?
- Which types of entities may elect direct pay?
- Special rules affecting partnerships and S corporations
- Rules for transferees, including passive activity loss rules
- Who bears the risk of credit recapture?
- Tax reporting, filing deadlines, and redesigned Form 3800
Prerequisites
None
Designed For
Accounting and finance professionals with clients who may be claiming, transferring, or purchasing energy credits
Objectives
- Competently advise clients with regard to claiming, transferring, and purchasing energy credits
Preparation
None
Leader(s):
Leader Bios
Michael Tucker, Surgent McCoy Self Study
Michael J. Tucker is an employee of Surgent McCoy CPE, LLC and a consultant for the accounting firm of T.M. Byxbee Co. in Hamden, CT. He is the author of many professional articles and a veteran TV and live-seminar presenter. In addition, he heads up Surgent McCoy’s webinar efforts, where he writes and hosts many of the webinars Surgent McCoy sponsors and presents. Mr. Tucker was a professor at Quinnipiac University in Hamden, CT and worked with KPMG Peat Marwick and Deloitte & Touche. Mr. Tucker received his J.D. from New York University, his LL.M. from Georgetown University Law Center, and his Ph.D. from the University of Houston.
Non-Member Price $139.00
Member Price $119.00