Carbon Tax Credit Transfer Should Be More Flexible, IRS Told

By Joshua Rosenberg (August 26, 2020, 6:26 PM EDT) -- Organizations that wish to transfer the benefits of a carbon capture tax credit ought to be able to do so by filing amended returns, an attorney who represents such clients told the Internal Revenue Service during a virtual hearing Wednesday. 

The IRS should amend its proposed regulations on the credit, which the agency released in May, to allow companies to transfer the tax credit under Internal Revenue Code Section 45Q to other parties by filing amended tax returns, said Barbara de Marigny, tax partner at Baker Botts LLP. Under the proposed rules, the credit can only be transferred to a third...

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