IRS IRA/CHIPS Pre-Filing Registration tool now open

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IRS IRA/CHIPS Pre-Filing Registration tool now open

Qualifying tax-exempt organizations and entities such as state, local and tribal governments can now register using the new IRS IRA/CHIPS Pre-Filing Registration Tool. Registration allows entities to take advantage of the options for elective payment or transfer of certain tax credits.

Tax-exempt and governmental entities can benefit from clean energy tax credits using new options enabled by the Inflation Reduction Act of 2022 (IRA). The IRA allows qualifying tax-exempt organizations and governments to benefit from certain clean energy tax credits through elective pay. For tax years beginning after December 31, 2022, an applicable entity that qualifies for a clean energy tax credit can make an elective payment election. This election will treat certain credits as a payment against federal income tax liabilities rather than as a nonrefundable credit. The amount of the credit will first offset any tax liability of the entity and any excess will be refundable. 

Qualifying entities that make an elective payment or credit transfer election must earn the credit, which means they must make a tax credit investment or undertake tax credit production activities to earn a qualifying credit.

Qualifying entities must complete the pre-file registration process and receive a registration number. The registration number must be included on the taxpayer’s annual return as part of making a valid elective pay election. To facilitate this, the IRS created the IRA/CHIPS Pre-Filing Registration Tool.

Complete and submit the pre-filing registration request no earlier than the beginning of the tax year in which the taxpayer will earn the credit it wishes to monetize with an elective payment election or transfer election. 

Refer to Publication 5884, Inflation Reduction Act (IRA) and CHIPS Act of 2022 (CHIPS) Pre-Filing Registration Tool User Guide to assist in the pre-filing registration process. This guide has information on the clean energy credits and detailed instructions on the pre-filing registration process. A how-to video, Pre-filing Registration Tool Overview, is available on IRS Videos. Functionality allowing additional authorized users and expansion of the entity type drop down menu will be available soon.

The full news release about the IRA/CHIPS Pre-Filing Registration tool is available on IRS.gov. 

Additional information about clean energy credits can be found at IRS.gov/cleanenergy.