Treasury Tribal Advisory Committee Meets to Discuss Tax Provisions Impacting Native American Communities
Yesterday, Chief Lynn Malerba, Treasurer of the U.S., hosted a meeting of the Treasury Tribal Advisory Committee (TTAC), a seven-member committee that advises Secretary of the Treasury Janet L. Yellen and Department leadership on matters impacting Native American communities. During the meeting, the Committee was joined by IRS Commissioner Danny Werfel, who emphasized the IRS’s commitment to serving all taxpayers, including Tribal communities.
Commissioner Werfel discussed a new credit delivery mechanism established under the Inflation Reduction Act (IRA), known as elective pay or “direct pay.” This mechanism allows Tribal governments to take advantage of clean energy tax credits, expanding the reach of those credits to help build projects more quickly and affordably. The projects, in turn, will create good-paying jobs and lower energy costs. The Treasury Department previously hosted a Tribal Consultation on this IRA provision and its impact on Tribal communities in July.
In addition to Commissioner Werfel’s remarks, Tribal leaders shared their top priorities during the meeting, including tax parity and other Tribal tax concerns. The Committee leadership also received updates from TTAC Subcommittees and federal agencies such as the National Indian Gaming Commission and the Financial Crimes Enforcement Network.
The TTAC is composed of Tribal leaders, with three members nominated by Secretary Yellen, two nominated by the House Committee on Ways and Means, and two nominated by the Senate Committee on Finance. The committee meets regularly to ensure that the voices of Native American communities are heard and considered in the decision-making processes of the Treasury Department.
The discussions held during the meeting highlight the importance of collaboration and understanding the unique needs of Tribal communities when it comes to tax provisions. The IRS’s commitment to serving all taxpayers, including Tribal communities, ensures that these communities have access to the credits and deductions they are eligible for. The introduction of the elective pay mechanism under the IRA further expands opportunities for Tribal governments to benefit from clean energy tax credits, leading to economic growth and job creation.
By convening the TTAC and engaging with Tribal leaders, the Treasury Department continues to demonstrate its dedication to addressing the concerns and priorities of Native American communities. This ongoing collaboration will contribute to the development of policies that promote economic prosperity and improve the lives of Tribal members across the country.
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Original Story at home.treasury.gov – 2023-09-08 14:47:40
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