News & Analysis as of

Inflation Reduction Act (IRA) Safe Harbors New Guidance

Latham & Watkins LLP

IRS Safe Harbor Eases Path for Domestic Content Bonus Tax Credits

Latham & Watkins LLP on

IRS Notice 2024-41 provides taxpayers with a clearer path toward qualifying for domestic content bonus tax credits through a new elective safe harbor....more

DarrowEverett LLP

New Domestic Content Adder Guidance: ‘Buy American’ is Back

DarrowEverett LLP on

On May 16, 2024, the Department of the Treasury and the IRS announced the release of Notice 2024-41, which clarifies the safe harbor for classification of project components created in Notice 2023-38 and provides a new safe...more

Troutman Pepper

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

Troutman Pepper on

On March 22, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-30, which modifies prior guidance on the energy community enhancements. It further clarifies (a) when offshore...more

Holland & Knight LLP

Eyes on Energy Tax Update: Second Quarter 2023

Holland & Knight LLP on

The second quarter of 2023 saw continued developments as a result of the enactment of the Inflation Reduction Act of 2022 (IRA), court activity and announcements from federal agencies. Below, we summarize the updates you need...more

Bracewell LLP

Treasury Department and IRS Release Guidance on the New Domestic Content Bonus Credit

Bracewell LLP on

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

BakerHostetler

Overview and Observations of Notice 2023-38 - Domestic Content Bonus Requirements

BakerHostetler on

On May 12, 2023, the Internal Revenue Service (IRS) issued initial guidance in the form of the Notice that provides taxpayers with preliminary guidance relating to the application of the domestic content bonus requirements...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

Foley Hoag LLP - Energy & Climate Counsel

IRS Issues Guidance on IRA Tax Credit Labor Requirements; Starts Clock for Compliance

The Internal Revenue Service (IRS) issued guidance on the prevailing wage and apprenticeship requirements under the Inflation Reduction Act (IRA) by publishing Notice 2022-61 (the Notice) in the federal register today....more

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