Illustration of FASB transferable tax credits accounting project — IRA, CHIPS, and OBBBA credit accounting gap, ASC 740 vs ASC 832 analogies, recognition triggers
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FASB Transferable Tax Credits Project: Accounting Gap Guide

BySW Accounting admin

How should companies account for transferable tax credits under U.S. GAAP? The Financial Accounting Standards Board (FASB) voted in May 2026 to advance a project on the accounting treatment of nonrefundable transferable tax credits — including the Inflation Reduction Act (IRA) clean energy credits under IRC §6418, CHIPS and Science Act semiconductor credits, and One…