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The Inflation Reduction Act allows taxpayers to take advantage of rebates and tax credits for investments in clean energy solutions including Geothermal Heat Pumps. Schools and Schools and other non-profits are also looking to take advantage of these incentives.

Explore the Cost Savings of Geothermal vs. Traditional HVAC with this Free Calculator (from ClimateMaster)

Elective payment and the transfer election create alternative ways for applicable entities and eligible taxpayers to get the benefit of the credit even if the taxpayer cannot use the credit to offset their tax liability. To assist with understanding the process for the mandatory pre-filing requirement, the IRS has launched an online registration portal to supply clarification on the use of the online pre-file registration tool.

More information can be found at IRA/CHIPS Pre-filing Registration Tool.

The IRS is excited to offer office hours (through Microsoft Teams) to help entities with the pre-filing registration process on the new IRA/CHIPS Pre-filing Registration Tool.

Pre-filing registration is a required step for applicable entities and eligible taxpayers to take advantage of elective payment or transfer of credits available in the Inflation Reduction Act and CHIPS Act. Representatives from the IRS will be available to answer your pre-filing registration questions.

Registration for office hours is now open. Registration is required and can be completed by clicking on the links below.