During the visit, Tribal leadership shared how the Inflation Reduction Act and other federal investments are spurring Tribal economic development, including in clean energy projects
SAN DIEGO COUNTY – Today, Chief Lynn Malerba, Treasurer of the United States, visited the Rincon Band of Luiseño Indians’ reservation in southern California to learn about the Tribe’s clean energy projects and planned uses of tax credits unlocked by the Inflation Reduction Act (IRA). During the visit, Chief Malerba and Tribal leadership toured sites for the Tribe’s current solar plant operations and their planned solar-powered microgrid systems for a fire station, wastewater treatment plant, resort, and government center, and discussed how IRA tax credits are supporting clean energy projects. Other participants included Carmen Zucker, Manager for Indian Tribal Governments at the Internal Revenue Service (IRS), and representatives from the Treasury Department’s Office of Tribal and Native Affairs.
The IRA established a new credit delivery mechanism called elective pay (often referred to as “direct pay”) that enables Tribal governments to take advantage of clean energy tax credits for the first time, allowing projects to be built 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.
The Treasury Department has worked across the Biden-Harris Administration to deploy historic support to Indian Country, including through leading the implementation of key components of the IRA and the American Rescue Plan (ARP). The ARP funding includes $20 billion in State and Local Fiscal Recovery Funds allocated to 579 Tribal governments, which represents the largest-ever single infusion of federal funding into Indian Country. Recently, the Treasury Department announced the approval of plans for up to $73 million in funding allocated to 39 Tribal governments under the ARP’s State Small Business Credit Initiative (SSBCI) – part of the largest and most expansive one-time investment for Tribal governments for small business financing in the history of the nation. Additional small business funding for Tribes under the SSBCI will be announced in the coming months.
Official news published at https://home.treasury.gov/news/press-releases/jy1891