Tribal businesses will not have to pay federal income taxes, the Treasury Department and IRS said in highly anticipated new rules Monday.
The tax status of tribally chartered corporations, which are for-profit businesses owned by the tribe, has been up in the air for more than three decades. The proposed rules (REG-113628-21, RIN 1545-BQ13) will also expand tribal access to millions of dollars in clean energy tax credits.
“This means the tribe will be able to access the capital needed to build wind and solar installations on their land, creating good paying jobs, lowering energy costs and strengthening our ...