A Practice Note discussing the transferability and direct pay provisions of the Inflation Reduction Act of 2022 and related guidance and proposed regulations from the Internal Revenue Service. This Note also discusses the tax credits eligible for these provisions, the conditions owners of eligible clean energy projects (renewable and other zero carbon technologies) must satisfy to take advantage of these provisions, the penalties and other liabilities they may be subject to for violating these provisions, and issues they should consider when entering into transactions to take advantage of these provisions. This Note is a high level summary of these detailed and complex provisions. Project developers and potential purchasers of tax credits should contact tax lawyers for detailed advice on these provisions and how they can structure their transactions to comply with the terms of these provisions.