News & Analysis as of November 15, 2024

Investment Tax Credits

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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 -

FERC Chief Accountant Proposes to Modify Transferability of Income Tax Credits

Troutman Pepper on 9/17/2024

On September 12, 2024, FERC’s Chief Accountant issued a notice of proposed accounting release (“NOPAR”) to modify the transferability of income tax credits (“ITCs”) related to certain energy projects under the Inflation...more

Treasury and IRS release final regulations on elective payment election under CHIPS Act Section 48D

Eversheds Sutherland (US) LLP on 4/11/2024

On March 5, 2024, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (Final Regulations) on the elective payment election of the advanced manufacturing investment credit...more

IRS Issues Final Regulations on Direct Pay

Troutman Pepper on 3/11/2024

On March 5, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued final regulations (Final Regulations) on the elective payment of certain tax credits (direct pay) pursuant to Section 6417 of the...more

IRS and Treasury Issue Section 48 Investment Tax Credit Proposed Regulations

King & Spalding on 12/1/2023

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

Money (That’s What I Want): IRA’s Direct Pay Mechanism Benefits Tax-Exempt Entities

ArentFox Schiff on 9/1/2023

The Inflation Reduction Act (IRA), which recently celebrated its one-year anniversary, presents new opportunities for tax-exempt and other organizations to directly benefit from renewable energy tax credits, including...more

Proposed Regulations for Low-Income Community Solar/Wind Tax Credit Introduce New Priority Criteria

Akin Gump Strauss Hauer & Feld LLP on 6/8/2023

On May 31, the Treasury Department issued proposed regulations (REG-110412-23) detailing how small solar and wind facilities located in or connected to low-income communities (LIC) can qualify for the so-called Low-Income...more

US Treasury to Propose Regulations on Energy Community Bonus Adders

Mayer Brown on 4/7/2023

On April 4, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released a notice of intent to issue proposed regulations on qualifying for the energy community bonus credit under Sections...more

Last Call: Public Comments on Inflation Reduction Act Clean Energy Tax Incentives Are Requested By November 4

Mintz - Energy & Sustainability Viewpoints on 11/3/2022

On October, 5, 2022, the U.S. Department of Treasury (Treasury) and Internal Revenue Service (IRS) published six Notices requesting public comments by November 4, 2022 on certain of the clean energy tax incentives included in...more

Weekly IRS Roundup May 25 – May 29, 2020

McDermott Will & Emery on 6/2/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 25 – May 29, 2020... May 26, 2020: The IRS and United States Department of the Treasury...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

Final Regulations Published Addressing Income Inclusion Rules for Pass-Through Lease of ITC Property

Mayer Brown on 7/22/2019

On July 17, 2019, the US Internal Revenue Service (IRS) issued final regulations (T.D. 9872) providing guidance on the rules under Internal Revenue Code (IRC) section 50(d)(5) requiring an income inclusion by the lessee in...more

House and Senate Tax Reform Proposals Diverge on Energy Provisions

Holland & Knight LLP on 11/17/2017

On November 2, House Republicans introduced H.R. 1, the Tax Cuts and Jobs Act. Senate Republicans followed suit shortly thereafter, releasing their proposal on November 9. The House Ways & Means Committee concluded its markup...more

The Cost of Clarity: IRS Issues Regulations Addressing Proper Treatment of Code Section 50(d) Income

Williams Mullen on 7/29/2016

On July 21, 2016, the IRS issued long-awaited regulations under Section 50 of the Internal Revenue Code (the “Code”) clarifying the manner in which “Section 50(d) Income” is to be recognized in lease pass-through investment...more

IRS Issues Proposed Rules on Income Inclusion under Section 50(d)(5)

Foley & Lardner LLP on 7/29/2016

The IRS just published long-awaited temporary regulations under section 1.50-1T governing the section 50(d)(5) income inclusion rules. These rules apply to lessees of investment credit property when the lessor elects to treat...more

IRS Releases Favorable Guidance for Individual Investors in Community Solar to Claim Section 25D Tax Credit

Foley & Lardner LLP on 9/18/2015

The IRS recently issued a Private Letter Ruling (PLR) clarifying that an individual investor in a net-metered community solar project may claim the federal residential Investment Tax Credit (ITC) under Section 25D of the...more

The Best of a Bad Investment

Morrison & Foerster LLP on 5/8/2015

A recent tax case out of the Fifth Circuit approved a taxpayer’s strategy to make the best of a bad investment. According to the facts of Pilgrim’s Pride v Commissioner, the taxpayer purchased preferred stock from two...more

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Income Taxes › Internal Revenue Service › Investment Tax Credits

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