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
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 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
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 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 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
On April 10, 2020, the IRS and Treasury Department released Revenue Procedure 2020-22 (the Revenue Procedure), providing guidance with respect to the application of the provisions of the Coronavirus Aid, Relief, and Economic...more