The Internal Revenue Service recently said that it will grant certain applicable entities that are making an elective payment election (also known as direct pay) an automatic six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organization Business Income Tax Return, with relevant schedules and forms.
For example, a non-profit with a tax year ending on December 31, 2023 would now have until November 15, 2024 to file their return, whether or not they applied for an extension.
The American Public Power Association is focused on protecting and enhancing elective pay, which was enacted as part of the Inflation Reduction Act.