On February 20, 2020, the IRS issued its first round of guidance regarding the carbon sequestration tax credit found in Section 45Q (the “Section 45Q Credit”) of the Internal Revenue Code of 1986 (as amended, the “Code”) in...more
3/12/2020
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Projects ,
Greenhouse Gas Emissions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
New Guidance ,
Oil & Gas ,
Partnerships ,
Revenue Procedures ,
Safe Harbors ,
Tax Credits ,
Tax Planning
On December 20, 2019, the President signed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Act”), which extends the current production tax credit (PTC) for wind for an additional year. The Act extends the...more
1/6/2020
/ Biomass ,
Energy Projects ,
Energy Sector ,
Geothermal Energy ,
Hydropower ,
Marine Hydrokinetic (MHK) Energy ,
Offshore Wind ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
Wind Power
Recognizing that, in some situations, a plan to develop or construct a facility or energy property may raise significant national security concerns, the IRS released Notice 2019-43 (which may be found here) on July 12, 2019,...more
7/16/2019
/ Construction Industry ,
Construction Project ,
Department of Defense (DOD) ,
Energy Projects ,
Investment Tax Credits ,
National Security ,
Production Tax Credit ,
Real Estate Development ,
Renewable Energy ,
Safe Harbors ,
Tolling
The IRS recently issued Notice 2018-59 (the “Notice”) which provides clarification to “beginning of construction” for taxpayers seeking to take advantage of the section 48 renewable electricity investment tax credit (ITC) for...more
7/9/2018
/ Begun Construction Test ,
Bipartisan Budget ,
Energy Projects ,
Energy Sector ,
Investment Tax Credits ,
IRS ,
New Guidance ,
Physical Work Test ,
Production Tax Credit ,
Renewable Energy ,
Safe Harbors ,
Wind Power
Early this morning, the House and Senate voted to pass a budget deal that included $17 billion in tax provisions, ending a short overnight government shutdown. The bill (H.R. 1892) extends the investment tax credit (ITC) to...more