On April 4, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-29, which describes certain rules that Treasury and the IRS intend to include in forthcoming proposed regulations...more
On Aug. 16, President Joe Biden signed the Inflation Reduction Act into law. The legislation includes landmark tax incentives for domestic energy production and manufacturing, with the goal of reducing carbon emissions in the...more
The Inflation Reduction Act of 2022 (IRA) created several new incentives for clean vehicles. Under prior law, taxpayers could claim a credit for purchasing and placing in service “new qualified plug-in electric drive motor...more
Today, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) published Notice 2022-61, providing guidance on the prevailing wage requirements under Section 45(b)(7)(A) and substantially similar provisions...more
On August 16, President Biden signed the Inflation Reduction Act of 2022 (IRA) into law, which includes landmark tax incentives for domestic energy production and manufacturing with the goal of reducing carbon emissions in...more
The Inflation Reduction Act of 2022 (IRA) is the most significant legislation related to climate change in U.S. history. It has significant tax implications for the clean energy industry–providing unprecedented levels of...more
Wind and Solar PTC and specified § 45 technologies -
100% of PTC rate (assuming labor requirements met)
...more
The Inflation Reduction Act of 2022 (IRA) will be a game changer for the energy industry. This guide focuses on those issues of particular significance to the energy industry; it is not intended to be comprehensive....more
On August 7, the Senate passed the Inflation Reduction Act of 2022 (the Act). The House is expected to vote on the legislation on Friday....more
On July 27, Senator Manchin (D-WV) and Majority Leader Schumer (D-NY) reached an agreement to add the Inflation Reduction Act of 2022 (the Act) to the FY 2022 Budget Reconciliation Bill. The Act includes many climate and...more
The IRS in January released Rev. Proc. 2022-10, which establishes an 18-month pilot program to provide for fast-track processing of certain private letter ruling (PLR) requests solely or primarily under the jurisdiction of...more
On October 28, the House Rules Committee released a modified version of the budget reconciliation legislation, the Build Back Better Act (the Bill), including Subtitle D, Green Energy. Before release of the Bill, President...more
On September 30, California Governor Gavin Newsom signed Senate Bill 267 (Bill) into law, preserving the property tax break (the solar exclusion) for partnership flips that own solar energy projects. Under the Bill, the solar...more
On September 15, the House Ways and Means Committee (Committee) approved a portion of bills drafted for inclusion in the $3.5 trillion budget reconciliation legislation — the Build Back Better Act — including Subtitle G,...more
The Biden administration earlier this year released a summary of its plans to invest in infrastructure, which included “direct-pay” options for the investment tax credit (ITC) and production tax credit (PTC) for clean energy...more
On July 1, the IRS issued Revenue Ruling 2021-13, which concludes that an acid gas removal (AGR) unit at a methanol plant constituted carbon capture equipment for purposes of the carbon capture credit under Section 45Q...more
On June 29, the IRS issued Notice 2021-41, which provides further relief for delays caused by the COVID-19 pandemic with respect to the “beginning of construction” requirements for renewable energy projects eligible for the...more
The Treasury Department recently released “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (referred to by the tax community as the “Green Book”). The Green Book contains detailed information...more
Treasury and the IRS have published final regulations (Final Regulations) under Section 45Q of the Internal Revenue Code, which provides for a production tax credit for persons who physically or contractually ensure the...more
On December 31, 2020, the IRS issued Notice 2021-5, which provides relief for the impact of delays on qualified facilities and energy property projects being constructed offshore or on federal land with respect to the...more
On December 21, the House and Senate passed H.R. 133, the “Consolidated Appropriations Act, 2021,” with overwhelming support. A video posted on December 22 on Twitter cast doubt on whether the president will sign the bill....more