QUESTION
What is the 'Direct Pay as an As of Right Cash Incentive', and how does the city obtain it?
1:24:08
·
34 sec
The 'Direct Pay as an As of Right Cash Incentive' allows public entities to claim reimbursement for expenditures without needing to apply for a grant, similar to tax filings.
- The incentive is accessed through a process akin to filing taxes, but tailored for public entities.
- Entitlement to the incentive is triggered upon the expenditure of funds, without the need for grant applications.
- It is aimed at public entities, implying that the city does not pay taxes but can still engage in this IRS paperwork to claim the incentive.
- The clarification sheds light on the mechanism of accessing the incentive, not on whether the city is currently taking advantage of it or considers it a new opportunity.
Sandy Nurse
1:24:08
I have a question.
1:24:10
The direct pay as an as of right cash incentive I'm sorry.
1:24:15
I'm very ignorant to this.
1:24:17
Is this something that the city is applying for or taking advantage of?
1:24:21
Or is this something new that the city would then be able to become eligible for?
Jay Wu
1:24:27
So when we say as of right, that means when you spend the money, then you're essentially entitled to getting it back.
1:24:34
It's not like applying to a grant.
1:24:36
It's more like filing your taxes except as a public entity.
1:24:39
You don't have taxes, but you'd fill out similar paperwork from the IRS.
