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Inflation Reduction Act (IRA) › Brownfield Properties › Internal Revenue Service

ASKramer Law

Energy Tax Credits for a New World Part VI: Energy Community Bonus Credits

ASKramer Law on

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

Husch Blackwell LLP

The Inflation Reduction Act’s Brownfields Adder: Updates on What Sites Qualify

Husch Blackwell LLP on

As detailed previously, the Inflation Reduction Act (IRA) offers incentives to renewable energy development that takes place on certain properties that are affected by potential or confirmed contamination. Under the IRA, a...more

Foley Hoag LLP - Environmental Law

How Brown is Brown Enough? An Update on the IRA ITC Adder for Brownfield Sites

Foley Hoag LLP - Environmental Law on

It is now almost 18 months since Congress enacted the Inflation Reduction Act. One of the IRA’s provisions was an adder to the ITC for renewable energy projects located in an “energy community”. One way to be in an energy...more

Troutman Pepper

Treasury and IRS Release Additional Guidance on Energy Community Enhancements Under IRA

Troutman Pepper on

On June 15, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-45 and Notice 2023-47. Notice 2023-45 clarifies requirements for a brownfield site energy community safe harbor provided...more

BCLP

IRS guidance on energy community PTC and ITC bonus credits provides some needed clarity

BCLP on

On April 4, 2023, the IRS and the Treasury issued Notice 2023-29 (the “Notice”) announcing an intention to propose regulations, and providing interim guidance, with respect to the requirements that taxpayers must satisfy in...more

Bricker Graydon LLP

What is an “Energy Community” - IRS Provides Guidance on Key Aspect of the Inflation Reduction Act

Bricker Graydon LLP on

The Inflation Reduction Act (IRA) has been called the most aggressive climate investment ever undertaken by the U.S. Congress. With approximately $370 billion dollars in funding over the next 10 years, it is projected that...more

King & Spalding

IRS Publishes Guidance on “Energy Community” Tax Credit Bonus

King & Spalding on

IRS Notice 2023-29 (the “Notice”) provides initial guidance on “energy community” tax credit bonuses. The Notice describes certain relevant rules and concepts that the Treasury and IRS intend to include in forthcoming...more

Orrick, Herrington & Sutcliffe LLP

IRA: Energy Communities and Brownfields Tax Guidance: What Companies Need To Know

Orrick, Herrington & Sutcliffe LLP on

Initial guidance for the bonus credit amount for renewable energy projects located in “energy communities” answers numerous questions about how to prove a project qualifies for extra tax credits. The guidance—which is in...more

Stoel Rives LLP

Treasury Issues Preliminary Guidance on Energy Community Bonus Credit Qualification

Stoel Rives LLP on

The U.S. Department of the Treasury earlier today released Internal Revenue Service (IRS) Notice 2023-29, Energy Community Bonus Credit Amounts under the Inflation Reduction Act of 2022 (the Notice).  The Notice indicates...more

Morgan Lewis

IRA's Energy Community Tax Credit ‘Adder’: IRS Releases Taxpayer-Favorable Guidance

Morgan Lewis on

The highly anticipated guidance for determining a “green” energy facility’s eligibility for the potentially valuable tax credit increase largely aligns with industry expectations, including by providing certainty on energy...more

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