Electing taxpayers may during a subsequent year of the election period revoke the elective payment election for an applicable credit property described in Regulations sections 1.6417-1(e)(3), (5), and (7) (applicable credit property related to the credit for carbon oxide sequestration, qualified clean hydrogen production, and advanced manufacturing production credit). The revocation applies to the tax year for which the revocation is made and each subsequent tax year within the relevant election period. Any revocation of the section 6417 election may not itself be later revoked.
After revocation, the election period under section 6417 is no longer in effect, and any credit determined with respect to the applicable credit property can be transferred pursuant to a transfer election under section 6418(a) if the requirements of section 6418 and the section 6418 regulations are met.
To revoke the section 6417 election, attach to the tax return a PDF labeled “Revocation of the Section 6417 Election” that includes the following information.
- The IRS-issued registration numbers related to the relevant applicable credit property for each of the previous years the election was in effect (prior to this revocation).
- Facility or property address of the applicable credit property.
- Name of the credit the election was for (Carbon oxide sequestration credit, Advanced manufacturing production credit, or Clean hydrogen production credit).
- The first tax year (MMYYYY) of the elective payment election for the applicable credit property.