4 Key Takeaways | Harnessing the Inflation Reduction Act: Driving Investments in Renewable Energy and Carbon Reduction
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What is the purpose of the Energy Community Bonus Credit? The Inflation Reduction Act (IRA) introduced the Energy Community Bonus Credit to encourage renewable energy project developers to locate their facilities and energy...more
On July 24, 2024, the IRS issued Notice 2024-60, which sets forth the procedures for taxpayers to follow when claiming Section 45Q credits based on the “utilization” of carbon oxide. Taxpayers claiming credits based on...more
On April 10, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released a notice of proposed rulemaking (the Supplemental Regulations) to supplement the Clean Hydrogen Production Tax...more
On December 22, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released a notice of proposed rulemaking and notice of public hearing containing proposed regulations (Proposed Regulations) with...more
On December 22, 2023, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a notice of proposed rulemaking (the Proposed Regulations) regarding the Clean Hydrogen Production credit...more
The IRS and the Treasury Department issued proposed regulations on December 26, 2023 (Proposed Regulations), providing guidance on the clean hydrogen production tax credit under Section 45V (Hydrogen PTC) and the investment...more
The proposed regulations go beyond the use of the GREET model by requiring the use of “energy attribute certificates” (EACs) to prove eligibility for the credit under section 45V of the Internal Revenue Code (IRC). The use of...more
On December 15, 2023, IRS published Notice 2024-06, a brief but important guidance on Section 40B, the Inflation Reduction Act (“IRA”) tax credit for sustainable aviation fuel (“SAF”). The guidance establishes a safe harbor...more
The Inflation Reduction Act (“IRA”) created new incentives for the generation of electricity from nuclear power plants, supplementing incentive provisions that are currently in place. The primary changes are (i) the adoption...more
Reinstated by the Inflation Reduction Act of 2022 (IRA), Section 48C of the Internal Revenue Code provides $10 billion in allocable credits for qualifying advanced energy projects, $4 billion of which must be allocated to...more
The domestic content bonus credit (the DC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for renewable energy and storage projects constructed with sufficient...more
As reported in August 2022, the Inflation Reduction Act (“IRA”) is the United States’ largest (and most complex) commitment to investing in climate change to date. The 725-page law provides a number of clean-energy tax...more
Pound-for-pound, Tribes have the potential to be among the United States’ most prolific clean energy developers. Tribal lands, which compose approximately 5.8% of the total land area in the contiguous United States, have the...more
The Inflation Reduction Act of 2022 (the “IRA”), signed by President Biden into law on August 16, promises to further invigorate an already booming sector of the economy – the renewables industry and energy transition sector....more
On August 9, 2022, President Biden signed the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act of 2022 (H.R. 4346) (collectively the “CHIPS and Science Act” or the “Act”), which contains a number...more
Lost amid the more high profile items in Massachusetts’ recently enacted Act Driving Clean Energy and Offshore Wind is a requirement that the Department of Energy Resources establish a program requiring large buildings across...more
On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA), sweeping legislation that commits $369 billion to combat climate change, fund clean energy and development, and address environmental justice. This...more
Projects that produce or recycle wind turbine blades, manufacture energy storage equipment, or refine or blend renewable or low-carbon fuels may qualify for up to a 30 percent tax credit under the Inflation Reduction Act...more
The Department of Energy has released a Notice of Intent/Request for Information describing and soliciting feedback on its proposed plan for implementing the Bipartisan Infrastructure Law’s $6 billion Civil Nuclear Credit...more
Far-reaching proposal would replace existing energy and fuel tax credits with technology-neutral incentives. Legislation would increase available incentives and expand availability to all types of power generation...more
As compared to the GREEN Act and other recent proposals, the Clean Energy for America Act would create a more fundamental shift in energy tax credits. Policymakers will need to weigh the benefits of far-reaching changes...more
President Trump’s decision earlier this month to withdraw the United States from the Paris Agreement—an international, nonbinding agreement to take steps to limit global temperature rise—followed a series of moves at the...more
After much anticipation, both the House and the Senate Committees passed their long awaited energy bills. Much is covered in the two packages, and many amendments have been tabled for when the bills hit the floor in the fall....more
The Joint Committee on Taxation (JCT) on September 16 published a report analyzing federal energy tax incentives. The report is available below. The report is generally insightful; however, it has a misguided job-creation...more
In This Issue: - Drafting Lessons From The "Deliver-Or-Pay Wars" Of The Southern Cone - Flaring Litigation in North Dakota is Capped - Shell Oil Co. v. United States -- A Divided Federal Circuit...more