News & Analysis as of October 12, 2024

Carbon Capture and Sequestration

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Treasury and IRS Release Final Regulations on Direct Pay

Paul Hastings LLP on 3/19/2024

The Inflation Reduction Act of 2022 added Section 6417 to the Internal Revenue Code of 1986, as amended (the “Code”). Under this new section, certain taxpayers may make an elective payment, which will treat certain eligible...more

Weekly IRS Roundup March 29 – April 2, 2021

McDermott Will & Emery on 4/6/2021

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 29, 2021 – April 2, 2021. March 29, 2021: The IRS issued Notice 2021-21 and an...more

Six Takeaways: Utilization and Structuring For Section 45Q Carbon Capture Credits

McDermott Will & Emery on 6/16/2020

The Treasury Department and IRS recently published proposed regulations implementing the Section 45Q carbon capture and sequestration credit. The regulations clarify some questions about the credit, though many questions...more

[Webinar] Utilization and Structuring For Section 45Q Carbon Capture Credits - June 11th, 12:30 pm EST

McDermott Will & Emery on 6/9/2020

The Internal Revenue Service (IRS) has released a long-awaited proposed rule to implement section 45Q of the Internal Revenue Code, the statutory provision that creates a tax credit for capturing and sequestering carbon...more

IRS Releases Long-Awaited Carbon Capture Tax Credit Guidance

Vinson & Elkins LLP on 6/2/2020

At long last, the IRS has proposed regulations governing expanded tax credits for capturing carbon oxide (CO) before it enters the atmosphere. More than two years ago, Congress expanded tax credits for carbon capture (known...more

IRS Releases Initial Guidance Regarding Section 45Q Carbon Sequestration Tax Credit

Foley & Lardner LLP on 3/12/2020

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

IRS Publishes Guidance on the Carbon Capture Tax Credit

Holland & Hart LLP on 3/3/2020

On February 19, 2020, the IRS issued two guidance items concerning the tax credit for carbon oxide sequestration (COS) under section 45Q: Notice 2020-12 and Revenue Procedure 2020-12. The new guidance is very similar to IRS...more

Carbon Capture Tax Credit Gets a Boost From IRS Guidance – A Practical Guide for Investors

Akin Gump Strauss Hauer & Feld LLP on 2/21/2020

The Internal Revenue Service (IRS) has issued the first round of guidance regarding the tax credit for carbon oxide sequestration under Internal Revenue Code Section 45Q. This guidance is divided between two documents:...more

IRS Releases Critical Guidance on Carbon Capture Tax Credits

Morgan Lewis on 2/21/2020

The guidance issued on February 19 by the Internal Revenue Service is the type that the carbon capture and storage industry had sought, and will hopefully open up the market for investment by eliminating tax-related...more

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Income Taxes › Internal Revenue Code (IRC) › Carbon Capture and Sequestration

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