The U.S. Department of the Treasury and IRS on Oct. 28, 2024, published final regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code (Final Regulations)....more
11/8/2024
/ Energy Projects ,
Energy Sector ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
Production Tax Credit ,
Suppliers ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Oct. 24, 2024, released Final Regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code. The Final Regulations are effective 60...more
The IRS on July 24, 2024, released Notice 2024-60, which provides Section 45Q guidance for utilization of carbon dioxide and other carbon oxides. The Notice addresses the information that must be included in the required life...more
8/12/2024
/ Administrative Review ,
Carbon Capture and Sequestration ,
Clean Air Act ,
Department of Energy (DOE) ,
Energy Sector ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Reporting Requirements ,
Tax Credits
Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also...more
8/8/2024
/ Alternative Fuels ,
Aviation Industry ,
Energy Efficiency ,
Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
NPRM ,
Production Tax Credit ,
Rebates ,
Renewable Energy ,
Safe Harbors ,
Tax Credits ,
U.S. Treasury
The IRS launched its Inflation Reduction Act (IRA) Pre-Filing Registration Tool in late 2023 for elective (direct) payments under Section 6417 and tax credit transfers under Section 6418 of the Internal Revenue Code....more
The U.S. Department of the Treasury and the IRS on Dec. 22, 2023, released proposed regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the...more
1/10/2024
/ Carbon Capture and Sequestration ,
Clean Energy ,
Climate Change ,
Comment Period ,
Electricity ,
Energy Projects ,
Energy Sector ,
Environmental Protection Agency (EPA) ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
Safe Harbors ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Dec. 14, 2023, released Proposed Regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code. (See Holland& Knight's previous...more
12/18/2023
/ Batteries ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Minerals ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
U.S. Treasury ,
Wind Power
The U.S. Department of Labor (DOL) announced it has finalized its new rule relating to the Davis-Bacon Act (DBA). This rule goes into effect 60 days after it is officially published in the Federal Register. The final rule...more
The second quarter of 2023 saw continued developments as a result of the enactment of the Inflation Reduction Act of 2022 (IRA), court activity and announcements from federal agencies. Below, we summarize the updates you need...more
7/27/2023
/ Energy Projects ,
Energy Sector ,
Energy Tax Incentives ,
Excise Tax ,
Grants ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
NPRM ,
Precedential Opinion ,
Production Tax Credit ,
Renewable Energy ,
Safe Harbors ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury (Treasury Department) and Internal Revenue Service (IRS) released much-anticipated guidance in the form of two notices of proposed rulemaking (NOPRs) regarding the direct payment of tax...more
6/27/2023
/ Energy Sector ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
NPRM ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
Temporary Regulations ,
Transfer of Interest ,
U.S. Treasury
The IRS on June 15, 2023, updated its energy community bonus guidance by issuing Notice 2023-45 and Notice 2023-47. The IRS also recently issued energy community bonus guidance in Notice 2023-29. (For a summary of Notice...more
The U.S. Department of the Treasury and IRS on June 14, 2023, released two notices of proposed rulemaking (NOPRs) regarding the direct payment of tax credits under Section 6417 of the Internal Revenue Code (Elective Payment...more
6/15/2023
/ Carbon Capture and Sequestration ,
Clean Energy ,
Energy Projects ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
Federal Funding ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
NPRM ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
Transfer of Interest ,
Tribal Governments ,
U.S. Treasury
Following the release of energy community bonus credit and low-income community bonus credit guidance, the U.S. Department of the Treasury and IRS recently provided taxpayers with the domestic content bonus credit guidance....more
5/18/2023
/ Energy Sector ,
Energy Storage ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Made in the USA ,
Manufacturers ,
Production Tax Credit ,
Renewable Energy ,
Safe Harbors ,
Solar Energy ,
Steel Industry ,
Tax Credits ,
U.S. Treasury ,
Wind Power
Eyes on Energy Tax Update is a regular publication of the Holland & Knight Energy Tax Team that provides highlights of important energy tax developments. ...more
After much anticipation, the Internal Revenue Service (IRS) released guidance regarding the energy community bonus credit under Sections 45, 48, 45Y and 48E, which also is applicable for purposes of Section 48C. The guidance...more
President Joe Biden signed the Inflation Reduction Act of 2022 (IRA) into law on Aug. 16, 2022, following its passage along party lines in the U.S. Senate and House of Representatives. The comprehensive legislation is the...more
10/14/2022
/ Affordable Housing ,
Climate Change ,
Critical Infrastructure Sectors ,
Department of Energy (DOE) ,
Department of Transportation (DOT) ,
Energy Sector ,
Environmental Protection Agency (EPA) ,
Federal Funding ,
Federal Grants ,
Forest Service ,
Grants ,
HUD ,
Incentives ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Municipalities ,
NOAA ,
Public Land ,
Public Policy ,
State and Local Government ,
Tax Incentives
The U.S. Senate on Aug. 7, 2022, passed the Inflation Reduction Act of 2022 (IRA). This comprehensive legislation is the result of many months of negotiations among Democrats to advance some of President Joe Biden's highest...more
8/8/2022
/ Administrative Agencies ,
Administrative Authority ,
Affordable Care Act ,
Biden Administration ,
Budget Reconciliation ,
Clean Energy ,
Climate Change ,
Corporate Counsel ,
Drug Pricing ,
Electric Vehicles ,
Energy Efficiency ,
Energy Sector ,
Environmental Policies ,
Federal Budget ,
Internal Revenue Code (IRC) ,
Medicare ,
Medicare Part D ,
Pending Legislation ,
Popular ,
Prescription Drugs ,
Regulatory Agencies ,
Renewable Energy ,
Superfund ,
Tax Incentives ,
Tax Revenues ,
Zero-Emission Vehicles
Since the beginning of his presidential campaign, President Joe Biden has made clear his vision to drive the United States toward world leadership in green energy. With tax policy long an important tool in the toolbox for...more
6/15/2021
/ Biden Administration ,
Carbon Capture and Sequestration ,
Corporate Taxes ,
Electric Vehicles ,
Energy Efficiency ,
Energy Sector ,
Federal Budget ,
Fossil Fuel ,
Green Book ,
Investment Tax Credits ,
IRS ,
Legislative Agendas ,
Nuclear Power ,
Oil & Gas ,
Production Tax Credit ,
Renewable Energy ,
Solar Energy ,
Sustainable Projects ,
Tax Credits ,
U.S. Treasury ,
Wind Power