This morning, the IRS has opened the electronic portal to pre-file for registration for clean energy projects aiming to monetize tax credits either through transfers or elective pay.
The anticipated portal was the missing piece for tax credit transfers to fully close, as registration numbers are a key requirement to be included by the transferee and transferor when filing taxes for tax credit transfers to be approved by the IRS. Furthermore, registration numbers are expected to play a key in fraud prevention.
Some initial helpful resources and information (while we investigate further):
- Projects should pre-file for a registration number after being placed in service.
- Projects should pre-file at least 120 days before filing taxes - our advice is to file as soon as projects are in service, also to avoid delays in a potentially backlogged queue.
- Registration numbers will be provided after the review of the pre-filing is complete, not right away - therefore we encourage projects to file the sooner possible.
- The IRS has published a very useful and detailed guide as well as a video tutorial.
- On Tuesday, January 9, 2023 at 2:00p ET, the Department of Treasury will host a webinar providing an overview of the process - you can register in advance for this briefing through this link.
We are working on providing a more useful guide as well as on our platform to help our clients streamline the process. If you have any questions or if need help with the process, please do contact us.
