On May 29, 2024, the Treasury Department and the Internal Revenue Service (IRS) released a notice of proposed rulemaking (Proposed Regulations) with respect to Section 45Y (clean electricity production credit or CEPC) and...more
On December 22, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released a notice of proposed rulemaking and notice of public hearing containing proposed regulations (Proposed Regulations) with...more
1/3/2024
/ Clean Energy ,
Department of Energy (DOE) ,
Energy Tax Incentives ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury ,
Zero Emission Credits
On September 29, 2023, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) released their 2023–2024 Priority Guidance Plan (the Plan). The Plan describes the various guidance priorities of the IRS...more
10/9/2023
/ Apprenticeships ,
Carbon Capture and Sequestration ,
Clean Energy ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Nuclear Power ,
Prevailing Wages ,
Priority Guidance Plan ,
U.S. Treasury
On August 29, 2023, the IRS and Treasury Department released proposed regulations (the Proposed Regulations) regarding the prevailing wage requirements (the Prevailing Wage Requirements) and the apprenticeship requirements...more
The low-income communities bonus credit (the LIC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for certain wind and solar facilities located in designated...more
7/7/2023
/ Bonuses ,
Capacity ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
IRS ,
Low Income Housing ,
Low-Income Issues ,
New Guidance ,
Proposed Rules ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
U.S. Treasury ,
Wind Power
On June 14, 2023, the Treasury Department and the Internal Revenue Service (IRS) released long-awaited guidance (the Credit Transfer Guidance) regarding the transfer of energy transition tax credits under Section 6418, which...more
6/23/2023
/ Anti-Abuse Rule ,
Compliance ,
Energy Tax Incentives ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
IRS ,
New Guidance ,
Production Tax Credit ,
Proposed Regulation ,
S-Corporation ,
U.S. Treasury
On May 31, 2023, the Treasury Department and the Internal Revenue Service (IRS) released Notice 2023-44 (the Notice). The Notice provides additional guidance for the new program under Section 48C(e) created by the Inflation...more
6/15/2023
/ Anti-Stacking Provisions ,
APEC ,
Applications ,
Coal Mines ,
Department of Energy (DOE) ,
Guidance Update ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
IRS ,
Notice Requirements ,
U.S. Treasury
The domestic content bonus credit (the DC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for renewable energy and storage projects constructed with sufficient...more
5/30/2023
/ Applications ,
Department of Energy (DOE) ,
Energy Tax Incentives ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
New Guidance ,
Production Tax Credit ,
Safe Harbors ,
Steel Industry ,
Tax Credits ,
U.S. Treasury
On April 10, 2023, the Treasury Department and the Internal Revenue Service (IRS), without a formal announcement, released a revised version of Notice 2023-29 (the Revised Notice) on the IRS website. The Treasury Department...more
The energy community bonus credit (the EC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides a bonus credit for projects located in Energy Communities. The EC Bonus is available for...more
The low-income communities bonus credit (the LIC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for renewable energy projects located in designated low-income...more
4/12/2023
/ Affordable Housing ,
Department of Energy (DOE) ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Low Income Housing ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
U.S. Treasury
On February 13, 2023, the Treasury Department and the Internal Revenue Service (the IRS) released Notice 2023-18 (the Notice), which established the program (the Allocation Program) to allocate $10 billion of advanced energy...more
2/28/2023
/ American Recovery and Reinvestment Act ,
Anti-Stacking Provisions ,
Department of Energy (DOE) ,
Energy Sector ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Renewable Energy ,
Supply Chain ,
Tax Credits ,
U.S. Treasury
On December 19, 2022, the Treasury Department and the IRS released Notice 2023-6 (the Notice), which provides guidance with respect to the credit for sustainable aviation fuel (SAF). The Inflation Reduction Act of 2022 (the...more
1/19/2023
/ ASTM ,
Carbon Offset and Reduction Scheme for International Aviation (CORSIA) ,
Compliance ,
Fuel Standards ,
Greenhouse Gas Emissions ,
ICAO ,
Inflation Reduction Act (IRA) ,
IRS ,
New Guidance ,
Sustainability ,
U.S. Treasury
On November 30, 2022, the IRS and the Treasury Department published Notice 2022-61 (the Notice) in the Federal Register. The Notice provides guidance regarding the prevailing wage requirements (the Prevailing Wage...more
12/5/2022
/ Carbon Capture and Sequestration ,
Clean Energy ,
Construction Industry ,
Energy Tax Incentives ,
Federal Register ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Interim Guidance ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
New Guidance ,
Prevailing Wages ,
Production Tax Credit ,
Recordkeeping Requirements ,
U.S. Treasury
The Internal Revenue Service released helpful guidance in Revenue Ruling 2021-13, regarding the scope of carbon capture equipment and the requirement that a taxpayer own the carbon capture equipment to qualify for carbon...more
On July 1, 2021, the Internal Revenue Service (IRS) released Revenue Ruling 2021-13 (the Revenue Ruling), addressing the application of section 45Q of the Internal Revenue Code of 1986, as amended (Section 45Q) to carbon...more
Federal support for carbon capture, utilization and storage (“CCUS”) demonstrated over the last two months has generated even greater enthusiasm for carbon capture projects in the United States. First, in the final weeks of...more
On January 6, 2021, the Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations (the Final Regulations) under section 45Q of the Internal Revenue Code of 1986, as amended (Section 45Q),...more
On November 23, 2020, the IRS and Treasury Department released final regulations (the Final Regulations) under Section 1031 of the Internal Revenue Code of 1986, as amended (the Code). Prior to the Tax Cuts and Jobs Act of...more
On November 18, 2020, the IRS and Treasury Department released Revenue Ruling 2020-27 (the Revenue Ruling) stating that, if a taxpayer received a PPP Loan (defined below) and paid or incurred Eligible Expenses (defined...more
On September 21, 2020, the IRS and Treasury Department released the last set of final regulations (the 2020 Final Regulations) under the bonus depreciation rules of Section 168(k) of the Internal Revenue Code (the Code)....more
On August 28, 2020, the IRS issued Notice 2020-65 (the “Notice”) to provide guidance with respect to the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, issued by President Trump to...more
On May 28, 2020, the Department of Treasury and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) under Section 45Q of the Internal Revenue Code (Section 45Q) for the capture, utilization...more
6/16/2020
/ Audits ,
Carbon Capture and Sequestration ,
Compliance ,
Environmental Protection Agency (EPA) ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Proposed Regulation ,
Tax Credits ,
U.S. Treasury
On May 28, 2020, the Department of the Treasury issued proposed regulations (the Proposed Regulations) under Section 45Q of the Internal Revenue Code of 1986, as amended (Section 45Q), which provides a credit for the capture...more
On April 8, 2020, the IRS released Revenue Procedure 2020-23 (the Revenue Procedure), which provides guidance for partnerships subject to the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (the...more