Data / Federal rules / 2024-04604
Elective Payment of Applicable Credits; Elective Payment of Advanced Manufacturing Investment Credit; Final Rules; Election To Exclude Certain Unincorporated Organizations Owned by Applicable Entities From Application of the Rules on Partners and Partnerships; Proposed Rule
The Internal Revenue Service published this final rule in the Federal Register on March 11, 2024. It took effect on May 10, 2024.
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What the agency says
This document contains final regulations concerning the election under the Inflation Reduction Act of 2022 to treat the amount of certain tax credits as a payment of Federal income tax. The regulations describe rules for the elective payment of these credit amounts in a taxable year, including definitions and special rules applicable to partnerships and S corporations and regarding repayment of excessive payments. In addition, the regulations describe rules related to a required IRS pre-filing registration process. These regulations affect tax-exempt organizations, State and local governments, Indian tribal governments, Alaska Native Corporations, the Tennessee Valley Authority, rural electric cooperatives, and, in the case of three of these credits, certain taxpayers eligible to elect the elective payment of credit amounts in a taxable year.
Key facts
- Document number
- 2024-04604
- Type
- Final rule
- Action
- Final regulations and removal of temporary regulations
- Agency
- Treasury Department; Internal Revenue Service
- Published
- March 11, 2024
- Takes effect
- May 10, 2024
- Dates
- Effective date: These regulations are effective May 10, 2024.
- Docket
- TD 9988
- Regulation ID (RIN)
- 1545-BQ63
- Code of Federal Regulations
- 26 CFR 1; 26 CFR 301
- Topics
- Employment taxes; Estate taxes; Excise taxes; Gift taxes; Income taxes; Penalties; Reporting and recordkeeping requirements
- Pages
- 51
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Everything from the Internal Revenue Service · Rules on employment taxes · Rules on estate taxes · Rules on excise taxes · Published in March 2024
Read from the Federal Register API, last updated 2026-10-24. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.