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ASKramer Law

Energy Tax Credits for a New World Part VII: Low-Income Communities Bonus Credits

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What is the Low-Income Communities Bonus Credit? The Low-Income Communities Bonus Credit available through the Inflation Reduction Act of 2022 (IRA) is designed to increase the siting of, and access to renewable energy...more

ASKramer Law

Energy Tax Credits For A New World Part III: Overview of Bonus Credits

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Why did the Inflation Reduction Act (IRA) reduce the base amounts of the energy tax credits? The IRA reduced base credit amounts from their pre-IRA levels to encourage energy projects to meet Congressional policy objectives....more

Pillsbury Winthrop Shaw Pittman LLP

Treasury Department Announces Process and Timetable to Allocate $6 Billion in Qualifying Advanced Energy Project Credits

The application cycle for Treasury to award this round of credits will soon open, providing applicants an opportunity to receive significant funding for clean energy, industrial decarbonization and critical materials...more

Clark Hill PLC

[Webinar] Preparing for Clean Energy Tax Credit Transfer Transactions - May 1st, 12:00 pm - 1:00 pm EDT

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Project developers in the EV, solar, wind, battery, CCUS, hydrogen, biofuels, and energy efficiency markets have been blessed by the IRS with the ability to transfer tax credits directly to willing buyers. Tax equity...more

Locke Lord LLP

Latest Energy Communities Guidance Buoys Offshore Wind, but Navigation Hazards ‎Remain

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On March 22, 2024, the IRS issued additional guidance (Notice 2024-30) on the energy communities provision of the Inflation Reduction Act. This latest guidance is narrowly focused on two topics: (1) expanding the “hook” by...more

A&O Shearman

Inflation Reduction Act: New Guidance on Section 45X Manufacturing Tax Credits

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On December 14, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released proposed regulation [REG-107423-23] to provide guidance on the manufacturing tax credit requirements under...more

Holland & Knight LLP

An In-Depth Look at Section 45X Proposed Regulations

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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

Faegre Drinker Biddle & Reath LLP

Section 48 Investment Tax Credit for Offshore Wind and Energy Storage

The Department of the Treasury (DOT), through the Internal Revenue Service (IRS) and in consultation with the Department of Energy (DOE), released new draft guidance on Section 48 tax credits, as well as updated guidance in...more

Morgan Lewis

Treasury and IRS Publish Long-Awaited Guidance on Renewable Energy Investment Tax Credit

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The US Internal Revenue Service (IRS) and US Department of the Treasury (Treasury) released proposed regulations on November 17, 2023 addressing the investment tax credit (ITC) for renewable energy and energy storage...more

DarrowEverett LLP

What IRS’s Low-Income Adder Guidance Means For Renewables Projects

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The Inflation Reduction Act of 2022 (the “Act”) breathed new life into the tax scheme for renewable energy projects, creating a new base tax credit with a series of adders that can significantly increase viability of projects...more

Bracewell LLP

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

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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

Wilson Sonsini Goodrich & Rosati

IRS Releases New Proposed Rules for the Low-Income Communities Bonus Credit for the Investment Tax Credit

On May 31, 2023, the Department of Treasury (Treasury) and Internal Revenue Service (IRS) released proposed rules that set forth application and eligibility criteria for the low-income communities bonus credit investment...more

Holland & Knight LLP

Break Out Your Calculator: IRS Releases Domestic Content Bonus Credit Guidance

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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

Locke Lord LLP

That Sinking Feeling: IRS Energy ‎Communities Guidance May Limit Eligibility of Many ‎Offshore ‎Wind Projects

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In an ongoing series related to the Inflation Reduction Act (“IRA”), we have been looking at key provisions of the IRA with the potential to benefit the U.S. offshore wind industry. On April 5, 2023, the IRS issued Notice...more

McGuireWoods LLP

IRS Issues Guidance for Energy Tax Credits in Low-Income Communities – Notice 2023-17

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The Inflation Reduction Act of 2022 (IRA) created several new tax incentives to encourage developing clean energy projects that would benefit underserved communities and individuals. Among these incentives, Congress included...more

Stoel Rives LLP

Treasury Issues Low-Income Communities Solar and Wind Credit Guidance

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The U.S. Department of the Treasury yesterday released Internal Revenue Service Notice 2023-17, Initial Guidance Establishing Program to Allocate Environmental Justice Solar and Wind Capacity Limitation under Internal Revenue...more

King & Spalding

H2ypothetical - Clean Electricity Credits

King & Spalding on

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

Allen Matkins

Renewable Energy Update - July 2021

Allen Matkins on

IRS extends safe harbor provisions for renewable energy projects impacted by COVID-19 - Renewables Now – June 30 - The Internal Revenue Service (IRS) has granted extra time to renewable energy projects impacted by the...more

Eversheds Sutherland (US) LLP

IRS extends continuity safe harbor for renewable energy projects

On June 29, 2021, the IRS issued Notice 2021-41, which provides a further extension of the continuity safe harbor and revises the “facts and circumstances” rules: ..For PTC and ITC-eligible projects for which...more

Holland & Knight LLP

The Green Book and Green Energy

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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

Locke Lord LLP

Proposed Legislative Extension of Investment Tax Credits for Energy ‎Storage Technologies

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On March 9, 2021, a bipartisan group of federal lawmakers introduced the “Energy Storage Tax Incentive and Deployment Act of 2021” (the “Act”) which is intended to extend certain investment tax credits to standalone energy...more

White & Case LLP

Stimulus Bill Brings Welcomed Changes to the Renewable Energy Industry

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On December 27, 2020, President Trump signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the "Extenders Bill"), extending certain renewable energy tax credits and introducing new ones. The Extenders...more

Foley Hoag LLP - Energy & Climate Counsel

Massachusetts Legislature Passes Property Tax Reform for Solar, Wind, Energy Storage and Fuel Cells

As has been discussed in several posts here, on January 4, 2021, a conference committee of the Massachusetts House and Senate has issued a wide ranging “omnibus” energy bill “An Act creating a next-generation roadmap for...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Solar Energy Facilities/Interconnection Tax: Supreme Court of Rhode Island Addresses Challenge to Imposition of Public Utility...

The Supreme Court of Rhode Island (“Court”) addressed in a June 1st opinion a challenge to the Rhode Island Public Utilities Commission’s (“PUC”) imposition of a tax as it related to companies that produce and distribute wind...more

McGuireWoods LLP

Lawmakers to Vote on Tax Extenders Package: One-Year PTC Extension for Wind? Resurrected PTCs for Orphaned Tech?

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On Dec. 17, 2019, the U.S. House of Representatives reached an agreement on a year-end tax package, which would extend or renew certain expired or expiring tax credits and other tax incentives. Some tax credits that had...more

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