On Thursday, December 12th from 2:00-3:00 p.m. Eastern Standard Time, NAFOA will be hosting a webinar on the Notice of Proposed Rulemaking (NPRM) and consultation request regarding the tax status of Tribally chartered corporate entities that was issued in October by the Department of the Treasury (Treasury) and Internal Revenue Service (IRS). The webinar will cover what questions and information Treasury and the IRS are requesting from Tribes, background on Tribally chartered corporate entities, why the changes in the NPRM matter, specifics on the impact of this proposed guidance, recommendations on what Tribes should consider when submitting comments, steps forward following implementation of the guidance, and some of the key challenges that will still be remaining.
If you are unable attend the live webinar, we encourage you to still register to receive the recording and presentation afterward. Webinar materials will typically be sent to registrants within 2-3 business days after the live session.
About the NPRM
The proposed regulations would clarify the federal income tax status of wholly-owned Tribally chartered entities and expand Tribal access to clean energy tax credits. The current lack of clarity and guidance around the tax status of Tribal entities has been a longstanding issue that has been facing Tribal businesses and economies.
In addition to the NPRM, Treasury sent a Dear Tribal Leader letter that announced consultations on December 16, 17, and 18, 2024, from 1:00 p.m. ET, each day. Treasury is also accepting comments until January 7, 2025, 11:59 p.m. Alaska Time. Written comments should be sent to tribal.consult@treasury.gov.
NAFOA strongly encourages Tribes to submit comments and let both Treasury and the IRS know how critical and important these changes are to Tribal businesses and sovereignty.
Additional Resources
- Tax Status of Tribal Corporate Entities NPRM
- Register for Treasury Consultation(s)
- Dear Tribal Leader Letter
- NPRM Fact Sheet
For any other questions or concerns, please contact Nicholas Lovesee, Director of Policy at nicholas@nafoa.org
