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There are several steps for transferring eligible credits (or a portion of a credit). Not all steps need to occur in the order displayed below.

Pursue an eligible project. Identify and pursue a project that generates one of the eligible credits.

Complete electronic pre-filing registration with the IRS. This will include providing information about the taxpayer, the intended eligible credits, and the eligible credit project. Upon completing this process, the IRS will provide a registration number for each eligible credit property.

Complete pre-filing in sufficient time to have a valid registration number at the time you file your tax return.

More information about this pre-filing registration process will be available by late 2023.

Satisfy all requirements necessary to earn the eligible credit for the tax year. For example, a solar energy project would need to be placed in service prior to earning an eligible credit.

Arrange to transfer an eligible tax credit to an unrelated party in exchange for only cash.

Provide the transferee (i.e., buyer) with the registration number and all other information necessary to claim the transferred eligible credit.

Complete a transfer election statement with the transferee (as described in Q6 below).

File a tax return. File a tax return for the taxable year in which the eligible tax credit is determined indicating the eligible credit has been transferred to a third party and include the transfer election statement and other information as required by guidance. The tax return must include the registration number for the relevant eligible credit property and must be filed no later than the due date (including extensions) for such tax return.

If applicable, renew pre-filing registrations and file returns for each subsequent year that a transfer election is made to transfer an eligible credit related to the eligible credit property.