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U.S. DEPARTMENT OF THE TREASURY READOUT: Treasurer Chief Malerba Convenes Treasury Tribal Advisory Committee September 8, 2023 Today’s meeting included remarks by IRS Commissioner Danny Werfel on tax provisions impacting Tribal communities WASHINGTON – Yesterday, Chief Lynn Malerba, Treasurer of the U.S., hosted a meeting of the Treasury Tribal Advisory Committee (TTAC) with the TTAC’s Designated Federal Officer Krishna Vallabhaneni. The seven-member committee meets regularly and advises Secretary of the Treasury Janet L. Yellen and Department leadership on significant matters impacting Native American communities. During today’s meeting, the Committee was joined by Danny Werfel, Commissioner of the Internal Revenue Service (IRS), who affirmed the IRS’s commitment to serving all taxpayers and helping taxpayers get it right the first time and claim the credits and deductions they are eligible for – which includes working diligently to support and learn from Tribal communities. Commissioner Werfel also described a new credit delivery mechanism established under the Inflation Reduction Act (IRA): elective pay (often called “direct pay”) which enables Tribal governments to take advantage of clean energy tax credits, expanding the reach of those credits to help build projects more quickly and affordably, which will in turn create good-paying jobs and lower energy costs. The Treasury Department hosted a Tribal Consultation on this IRA provision and its impact on Tribal communities in July. Following Commissioner Werfel’s remarks, Tribal leaders shared some of their top priorities, including tax parity and other Tribal tax priorities, and the Committee leadership received updates from TTAC Subcommittees. The Committee also received updates from federal agencies and offices including the National Indian Gaming Commission and the Financial Crimes Enforcement Network. TTAC is composed of Tribal leaders; three members nominated by Secretary of the Treasury Janet L. Yellen, two nominated by the House Committee on Ways and Means, and two nominated by the Senate Committee on Finance. ###
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