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Treasury Department and IRS Release Proposed Regulations for Clean Electricity Credits Under Code Sections 45Y and 48E

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

Treasury and IRS Issue Proposed Regulations With Respect to Clean Hydrogen Credits Under Sections 45V and 48 of the Internal...

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

IRS and Treasury Department Release Proposed Regulations for Labor Requirements Under Inflation Reduction Act

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

Treasury Department and IRS Issue Additional Guidance on the New Low-Income Communities Bonus Credit Program

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

Treasury Department and IRS Release Guidance on the New Domestic Content Bonus Credit

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

Treasury Department and IRS Release Initial Guidance on the New Low-Income Communities Bonus Credit Program

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

Treasury Department and IRS Release Guidance on the Advanced Energy Project Credit Allocation Program under Internal Revenue Code...

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

Taxpayers Get Answers on 45Q Questions With IRS Guidance

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

Broad Federal Support for Carbon Capture, Utilization and Storage May Lead to Greater Investment

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

Treasury Releases Final Regulations on Carbon Capture Credits

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

Changes to Renewable and Carbon Capture Tax Credits under the Consolidated Appropriations Act, 2021

On December 22, 2020, the U.S. House and Senate approved the Consolidated Appropriations Act, 2021 (the 2021 Act) and, on December 27, 2020, President Trump signed the 2021 Act into law. The 2021 Act extends tax credits...more

Treasury and the IRS Fuel Taxpayers' Confidence Regarding Section 45Q Credits following Call for Suspension of the Credits

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

Renewables Update: Treasury Expresses Intent to Modify Continuity Requirements for PTC and ITC

On May 7, 2020, in response to a letter from a consortium of U.S. Senators dated April 23, 2020 (the Senate Letter), the Treasury Department stated that it intends to modify rules related to the Continuity Safe Harbor (as...more

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