Markets Wired

WASHINGTON – Deputy Secretary of the Treasury Wally Adeyemo participated in roundtable discussion with business leaders hosted by Business Forward. The Deputy Secretary spoke about how the beneficial ownership information E-Filing system, launched by FinCEN earlier this month, provides a simple, secure, and free way for companies to meet new transparency requirements mandated by the bipartisan Corporate Transparency Act. This centralized database of beneficial ownership information will eliminate key vulnerabilities in the financial system, support law enforcement partners, and allow Treasury to curb illicit financial flows enabled by opaque corporate structures that support criminals, terror groups, and others.

They also discussed Treasury’s implementation of the Inflation Reduction Act, and how increased access to clean energy credits through the law’s new credit monetization mechanisms—direct pay and transferability—are acting as a force multiplier so that more clean energy projects are built quickly and affordably, and more communities benefit from the growth of the clean energy economy. To date, more than 200 entities have registered to use elective pay or transferability and submitted pre-filing registrations with the IRS for more than 1,600 projects. Prior to the Inflation Reduction Act, governments, tax-exempt organizations, and many businesses could not fully benefit from tax credits like those that incentivize clean energy construction.

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