Partner Casey August is featured in a Bloomberg Law article on recently proposed rules by the US Department of the Treasury and Internal Revenue Service on direct pay that restricts partnerships from making the election for direct pay on behalf of the partners. Considered an avenue for tax-exempt organizations to secure a refund for clean energy tax credits, the carve-out gives tax-exempt organizations and governments fewer options to take advantage of the tax credits.
“If partnerships are off the table, that refundability is really just for tax-exempts that want to own and operate the facility, which probably is a more discrete set of factual scenarios,” Casey said.
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