Treasury Guidance on Direct Pay - hunton.com
Jun 21, 2023 · Reporting of recapture of an Applicable Credit is to be made on an Applicable Entity’s or electing taxpayer’s annual tax return, including Form 4255, Recapture of Investment …
FAQs about Treasury Guidance on Direct Pay - hunton.com Coupon?
Do proposed regulations apply to direct pay election?
Proposed regulations issued today also provide rules applicable to the direct pay election for the section 48D credit. Both sets of direct pay election proposed regulations state they are applicable to tax years ending on or after the date of publication of final rules. ...
When is a hearing date for section 48D direct pay proposed regulations?
A hearing date for section 48D direct pay proposed regulations has been set for August 24, 2023. Proposed regulations issued today also provide guidance on various aspect of the section 6418 transferability election. The guidance provided includes clarity around issues including (but not limited to): ...
Where can I read and comment on Treasury's significant guidance documents?
Treasury’s significant guidance documents will be posted to Regulations.gov, where you may read and comment on the guidance. If you have comments on significant guidance documents or would like to request that the Department issue, reconsider, modify, or rescind significant guidance documents, please email us to submit the request. ...
When do I need to make a direct pay election?
Direct Pay Elections must be made on an original tax return filed not later than the due date (including extensions of time) for the original return for the taxable year for which the applicable credit is claimed. ...
Can applicable entities elect direct pay for credits transferred to them?
If applicable entities aren’t permitted to elect direct pay for credits transferred to them, it seems likely that the subset of applicable entities that cover a relatively small geographic area typically won’t make multiple elections. ...
What are the difficulties faced by Treasury in drafting procedural guidance?
One of the difficulties that Treasury faces in drafting the procedural guidance is navigating between the Scylla of high efficiency and the Charybdis of perfect accuracy. ...
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