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B-336120 Mar 25, 2024 1 (2024-03-25)

handle is hein.gao/gaoqbo0001 and id is 1 raw text is: G U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-336120 March 25, 2024 The Honorable Ron Wyden Chairman The Honorable Mike Crapo Ranking Member Committee on Finance United States Senate The Honorable Jason Smith Chairman The Honorable Richard Neal Ranking Member Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Elective Payment of Applicable Credits Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Elective Payment of Applicable Credits (RIN: 1545-BQ63). We received the rule on March 7, 2024. It was published in the Federal Register as final regulations and removal of temporary regulations on March 11, 2024. 89 Fed. Reg. 17546. The effective date is May 10, 2024. According to IRS, this final rule concerns the election under the Inflation Reduction Act of 2022, Pub. L. No. 117-169, 136 Stat. 1818 (Aug. 16, 2022), to treat the amount of certain tax credits as a payment of federal income tax. IRS explained that the regulations describe rules for the elective payment of these credit amounts in a taxable year, including definitions and special rules applicable to partnerships and S corporations and regarding repayment of excessive payments. Additionally, IRS stated that the regulations describe rules related to a required IRS pre-filing registration process. IRS noted that these regulations affect tax-exempt organizations, state and local government, Indian tribal governments, Alaska Native Corporations, the Tennessee Valley Authority, rural electric cooperatives, and, in the case of three of these credits, certain taxpayers eligible to elect the elective payment of credit amounts in a taxable year. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The rule was published in the Federal Register on March 11, 2024. 89 Fed. Reg. 17546. The rule was received by the House of Representatives on March 15, 2024. 170 Cong. Rec. EC3549 (daily ed. Mar. 22, 2024). The rule was received by the Senate on March 19, 2024. 170 Cong. Rec. EC3799 (daily ed. Mar. 20, 2024). The rule

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