Eighteen Democrats are urging the Biden administration to finalize Inflation Reduction Act domestic content rules that will enable not-for-profit entities to benefit from critical tax breaks before they expire.
In a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, Democrats said time is running short for the department to finalize rules necessary for community-owned utilities, including public power utilities and rural cooperatives, to make clean energy investments.
“While we appreciate the Treasury and IRS efforts to finalize the elective pay regulations in March, the current uncertainty regarding the pending domestic content regulations is hindering the ability of community-owned utilities to make informed decisions on new clean energy investments,” wrote the Democrats, led by Rep. Judy Chu (D-Calif.).
The Inflation Reduction Act created a process that allows community-owned utilities to claim tax credits as upfront payments. That can lead to huge savings for their customers.
