GFOA Submits Comments on IRA Proposed Rule

On August 14, GFOA submitted comments on the proposed rules governing the Inflation Reduction Act’s (IRA) Tax Credit Elections. Joined by the National League of Cities (NLC) and the National Association of Counties (NACo), the comments highlighted three broad categories where members of the organizations have noted concerns: pre-award project certification including process risks and costs; ongoing compliance and reporting requirements; and municipal market perspectives of risk and added costs. Now that the comment period has closed, Treasury and the Internal Revenue Service will take some time to review the more than one hundred comment letters filed by various stakeholders. It remains uncertain how long the comment review and drafting of the final regulations will take. GFOA will continue to monitor and provide updates when available.

To read the GFOA/NLC/NACo comments, click here.