U.S. Department of the Treasury, IRS Release Final Rules on Provision to Expand Reach of Clean Energy Tax Credits Through President Biden’s Investing in America Agenda

New Inflation Reduction Act Provision Broadens Access and Boosts Return on Clean Energy Tax CreditsWashington, D.C. — As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today released final rules on transferability, a key Inflation Reduction Act provision that is already expanding the availability of capital to advance the U.S. clean energy transition. Transferability is helping projects get built more quickly and affordably, which will create good-paying jobs and lower energy costs for families.The Inflation Reduction Act created two new credit delivery mechanisms—elective pay (otherwise known as “direct pay”) and transferability—that are enabling state, local, and Tribal governments; non-profit organizations; Puerto Rico and other U.S.