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Energy Storage › U.S. Treasury › Investment Tax Credits

Troutman Pepper

Treasury and IRS Issue Additional Domestic Content Guidance Under IRA and New Elective Safe Harbor

Troutman Pepper on

On May 16, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-41, which modifies Notice 2023-38 (Prior Guidance) by expanding the list of Applicable Projects (defined below) to...more

Pillsbury Winthrop Shaw Pittman LLP

Treasury Department and IRS Issue Proposed Regulations on the Energy Investment Tax Credit under Section 48 of the Internal...

Pillsbury Winthrop Shaw Pittman LLP on

The proposed regulations offer helpful guidance for taxpayers seeking to take advantage of the ITC under IRC section 48. The proposed regulations add new definitions to clarify the scope of recently added qualifying...more

King & Spalding

IRS and Treasury Issue Section 48 Investment Tax Credit Proposed Regulations

King & Spalding on

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

Stoel Rives LLP

Treasury Issues Proposed Regulations Regarding Energy Property, Prevailing Wage and Apprenticeship, the 80/20 Rule, and...

Stoel Rives LLP on

The U.S. Department of the Treasury (Treasury Department) recently released a notice of proposed rulemaking regarding four significant aspects of the investment tax credit (ITC) under Section 48 of the Internal Revenue Code...more

Paul Hastings LLP

Treasury Issues Additional Guidance on Low-Income Community Bonus Credit

Paul Hastings LLP on

On June 1, 2023, the Treasury Department (“Treasury”) issued a notice of proposed rulemaking including proposed rules (the “Proposed Rules”) regarding the “Low-Income Communities Bonus Credit Program” established by the...more

Wilson Sonsini Goodrich & Rosati

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

Wilson Sonsini Goodrich & Rosati on

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

Holland & Knight LLP on

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

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