Section 40B of the Internal Revenue Code of 1986 (the “Code”) enacted by the Inflation Reduction Act of 2022 (the “IRA”) provides tax credits for each gallon of sustainable aviation fuel (“SAF”) sold or used by a taxpayer...more
5/10/2024
/ Aviation Industry ,
CARB ,
Carbon Offset and Reduction Scheme for International Aviation (CORSIA) ,
Fuel Standards ,
Greenhouse Gas Emissions ,
Guidance Update ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Renewable Fuel ,
Sustainability ,
Tax Credits ,
U.S. Treasury ,
USDA
Since the enactment of the Inflation Reduction Act of 2022 (the “IRA”) in the United States, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) have issued notices of proposed regulations...more
3/13/2024
/ Administrative Procedure Act ,
Congressional Review Act ,
Department of Energy (DOE) ,
Department of Labor (DOL) ,
GAO ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Members of Congress ,
Notice of Proposed Rulemaking (NOPR) ,
OIRA ,
OMB ,
Policies and Procedures ,
Production Tax Credit ,
Public Comment ,
Rulemaking Process ,
SCOTUS
The trajectory of the hydrogen sector in the United States hinges on a critical question: what criteria will be used to define the term “clean hydrogen” for tax purposes?
As previously outlined in our Field Guide to Clean...more
1/11/2024
/ Clean Air Act ,
Department of Energy (DOE) ,
Environmental Protection Agency (EPA) ,
EU ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
New Guidance ,
Popular ,
Production Tax Credit
Section 40B of the Internal Revenue Code of 1986 (the “Code”) enacted by the Inflation Reduction Act of 2022 (the “IRA”) provides credits for each gallon of sustainable aviation fuel (“SAF”) sold or used by a taxpayer before...more
12/27/2023
/ Aviation Industry ,
Carbon Offset and Reduction Scheme for International Aviation (CORSIA) ,
Clean Air Act ,
Department of Energy (DOE) ,
Environmental Protection Agency (EPA) ,
Fuel Standards ,
Greenhouse Gas Emissions ,
Inflation Reduction Act (IRA) ,
IRS ,
New Guidance ,
Renewable Fuel Standard ,
Sustainability ,
U.S. Treasury
Section 48 of the Internal Revenue Code of 1986, as amended (the “Code”) provides for an investment tax credit (“ITC”) for certain energy property. The Inflation Reduction Act of 2022 (the “IRA”) amended Section 48 in several...more
12/1/2023
/ Apprenticeships ,
Energy Projects ,
Energy Storage ,
Hydrogen Power ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Popular ,
Prevailing Wages ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
U.S. Treasury
The U.S. Department of Treasury (“Treasury”) and IRS issued proposed regulations (“Proposed Regulations”) on August 29, 2023, regarding increased credit or deduction amounts available under the Inflation Reduction Act of 2022...more
9/11/2023
/ Apprenticeships ,
Books & Records ,
Compliance ,
Davis-Bacon Act ,
Department of Labor (DOL) ,
Federal Contractors ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Penalties ,
Prevailing Wages ,
Production Tax Credit ,
Proposed Regulation ,
Recordkeeping Requirements ,
Subcontractors ,
U.S. Treasury ,
Wage and Hour
Developers of renewable energy projects prior to the Inflation Reduction Act of 2022 (the “IRA”) were able to enter into joint ventures and leasing arrangements with other private companies that had a sufficient tax liability...more
8/17/2023
/ Carbon Capture and Sequestration ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
Investors ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
Hydrogen is a key ingredient in any country’s future energy plans. In the United States, the hydrogen sector is on the launch pad, ready for lift-off. However, its trajectory hinges on a critical question: what criteria...more
7/31/2023
/ Biden Administration ,
Carbon Emissions ,
Clean Energy ,
Department of Energy (DOE) ,
Energy Projects ,
Energy Sector ,
Environmental Protection Agency (EPA) ,
EU ,
Greenwashing ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
IRS ,
Renewable Energy ,
Tax Code ,
Tax Credits
The United States recently took another important step in implementing a comprehensive strategy to advance the production, processing, delivery, storage, and use of clean hydrogen. On June 5, 2023, the Biden-Harris...more
6/12/2023
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Clean Energy ,
Department of Energy (DOE) ,
Energy Projects ,
Energy Sector ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Popular ,
Renewable Energy ,
Tax Credits
On May 31, 2023, the IRS released Notice 2023-44 (the “Notice”) providing additional guidance on the advanced energy project tax credit (Section 48C), effectively reintroduced by the Inflation Reduction Act of 2022 (“IRA”). ...more
IRS Notice 2023-29 (the “Notice”) provides initial guidance on “energy community” tax credit bonuses. The Notice describes certain relevant rules and concepts that the Treasury and IRS intend to include in forthcoming...more
The Inflation Reduction Act of 2022 (the Act) included multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding Client Alert. Many of these provisions became...more
2/23/2023
/ Apprenticeships ,
Davis-Bacon Act ,
Department of Energy (DOE) ,
Department of Labor (DOL) ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
Prevailing Wages ,
Production Tax Credit ,
Solar Energy ,
Wind Power
On December 29, 2022, the IRS and Treasury issued proposed regulations (the “Proposed Regulations”) addressing (1) whether a real estate investment trust (a “REIT”) or a regulated investment company (a “RIC”) will constitute...more
On December 27, 2022, the IRS and Treasury issued Notice 2023-2 (the “Notice”), which provides guidance relating to the application of the new excise tax on repurchases of corporate stock (the “Stock Buyback Tax”) under...more
12/30/2022
/ De Minimus Quantity Exemption ,
Fair Market Value ,
Guidance Update ,
Internal Revenue Code (IRC) ,
IRS ,
Minority Shareholders ,
Netting Agreements ,
REIT ,
Share Buybacks ,
Shareholders ,
Special Purpose Acquisition Companies (SPACs) ,
U.S. Treasury ,
Valuation
For over two decades, investors in the energy sector have benefited from protections found in The Energy Charter Treaty (“ECT”). Investors in hydrogen projects will soon be able to benefit from these same protections....more
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act). The Act includes multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding...more
10/5/2022
/ Clean Energy ,
Energy Sector ,
Energy Storage ,
Energy-Efficiency Tax Credits ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Solar Energy ,
Tax Credits ,
Wind Power
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act). The Act includes multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding...more
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act). The Act includes multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding...more
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act). The Act includes multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding...more
The Inflation Reduction Act of 2022, passed by the Senate on August 7, 2022, includes a number of provisions projected to result in significant investments in domestic energy production and manufacturing, and reduce carbon...more
8/11/2022
/ Biden Administration ,
Carbon Capture and Sequestration ,
Carbon Emissions ,
Department of Energy (DOE) ,
Department of Labor (DOL) ,
Energy Sector ,
Fossil Fuel ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Popular ,
Price Inflation ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
On May 4, 2020, the Internal Revenue Service (the “IRS”) released temporary guidance (Revenue Procedure 2020-19, or “the Revenue Procedure”) on the treatment of certain stock distributions by publicly offered real estate...more
Based on the information available as of today, please find below an update regarding the exceptional tax measures implemented in France, Germany, United-Kingdom and United-States to support companies and business in the...more
A synthetic lease is a financing technique structured to be an operating lease for the lessee’s financial accounting purposes and a financing for U.S. federal tax purposes. Synthetic leases are most often used in acquisition...more
The EC concludes that Luxembourg provided illegal tax benefits to Amazon of €250 million and refers Ireland to the European Court for failure to recover illegal tax benefits from Apple of €13 billion -
On 4 October 2017,...more
King & Spalding experts assess what international businesses need to be aware of following the EC's ruling on State Aid in the Apple case -
Partners in King & Spalding’s tax department have shared their perspectives and...more
9/20/2016
/ Apple ,
Corporate Taxes ,
EU ,
European Commission ,
Ireland ,
Member State ,
Multinationals ,
Netherlands ,
Penalties ,
State Aid ,
Tax Agreements ,
Tax Reform