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Infrastructure Investment Tax Credits Internal Revenue Service

Cadwalader, Wickersham & Taft LLP

Back in Session: Energy Tax Credits

The Inflation Reduction Act of 2022 (the “IRA”) allows firms to develop and sell clean energy tax credits.  In our last update, we discussed the uncertain future of energy tax credit sales as we head into the election....more

Troutman Pepper

FERC Chief Accountant Proposes to Modify Transferability of Income Tax Credits

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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

Cadwalader, Wickersham & Taft LLP

Energy Tax Credit Sales Stay Fully Charged Despite Uncertain Road Ahead

The Inflation Reduction Act of 2022 (the “IRA”) allows firms to develop and sell clean energy tax credits.  Now that most of the key guidance has been finalized, here is everything you need to know about energy tax credit...more

ASKramer Law

Energy Tax Credits For A New World Part III: Overview of Bonus Credits

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Why did the Inflation Reduction Act (IRA) reduce the base amounts of the energy tax credits? The IRA reduced base credit amounts from their pre-IRA levels to encourage energy projects to meet Congressional policy objectives....more

Cadwalader, Wickersham & Taft LLP

Everything You Need to Know About Energy Tax Credit Sales

The Inflation Reduction Act of 2022 (the “IRA”) now allows firms to develop and sell clean energy tax credits.  ...more

Troutman Pepper

Treasury and IRS Release Updated Guidance on Energy Communities

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On June 7, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-48. This notice includes lists of information that taxpayers may use to determine whether they meet certain requirements...more

Troutman Pepper

Treasury and IRS Issue Additional Domestic Content Guidance Under IRA and New Elective Safe Harbor

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On May 16, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-41, which modifies Notice 2023-38 (Prior Guidance) by expanding the list of Applicable Projects (defined below) to...more

Troutman Pepper

IRS Issues Final Regulations on Direct Pay

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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

Cadwalader, Wickersham & Taft LLP

Green Means Go for Energy Tax Credit Sales

The Inflation Reduction Act of 2022 (the “IRA”) now allows firms to develop and sell clean energy tax credits.  Sales are officially underway....more

Troutman Pepper

IRS Issues Proposed Regulations on Clean Hydrogen Tax Credits

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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

Troutman Pepper

IRS Issues Proposed Regulations on Energy Property and Rules Applicable to Energy Credit Under Section 48

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The IRS and the Treasury Department issued proposed regulations under Section 48 on November 22, 2023 (Proposed Regulations), providing further guidance in determining whether property is energy property and eligible for the...more

Akerman LLP

October 19 – First Day to Submit Applications to the Low-Income Community Bonus Tax Credit Program

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The DOE Portal for submitting applications to the "Low-Income Communities Bonus Credit Program" for all four facility categories opens on October 19, 2023, at 9:00 am ET. All applications received by November 18 at midnight...more

Sullivan & Worcester

Treasury Department/Internal Revenue Service Delay in Issuing Guidance Means Hydrogen Producers Remain Uncertain About Tax Credit...

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Overview of the federal Inflation Reduction Act - The Inflation Reduction Act (IRA or Act), signed by President Biden on August 16, 2022, includes the largest Congressional investment in U.S. history to facilitate the...more

Lowndes

Applications for Low-Income Communities Bonus Tax Credits to Open in Early Fall

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Last year’s Inflation Reduction Act created the Low-Income Communities Bonus Credit Program. This program provides additional energy tax credits on top of the existing 30% investment tax credit. According to Section 48(e) of...more

Ballard Spahr LLP

IRS Issues Guidance on Clean Energy Tax Credits

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Summary - The IRS recently released guidance with respect to the new tax credit direct payment and transferability rules created under the Inflation Reduction Act enacted last August. The guidance explains how to register...more

Troutman Pepper

Court Issues Perplexing Decision in Alta Wind

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On June 20, the U.S. Court of Federal Claims issued an opinion and order, denying plaintiffs’ motion for summary judgment in Alta Wind I Owner-Lessor C, et al. v. U.S. (Nos. 13-402, 13-917, 13-935, 13-972, 14-47, 14-93,...more

Polsinelli

Guidance Released on Inflation Reduction Act Domestic Content Tax Credits

Polsinelli on

Background - On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA”). Two of the key objectives of the IRA are to incentivize the industry to produce certain types of renewable...more

Mayer Brown

US Treasury to Propose Regulations on Energy Community Bonus Adders

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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

Pillsbury Winthrop Shaw Pittman LLP

IRS Provides Highly Anticipated Wage and Apprentice Guidance for Applicable Tax Credits under the Inflation Reduction Act

Publication of Notice 2022-61 starts the 60-day clock until projects that initially commence construction must comply with the new requirements. On November 30, 2022, the Internal Revenue Service (IRS) published Notice...more

Foley & Lardner LLP

Prevailing Wage and Apprenticeship Guidance for ITC and PTC

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On November 30, 2022, the Department of the Treasury and the Internal Revenue Service published Notice 2022-61 (the “Guidance”) describing how to satisfy certain prevailing wage and apprenticeship requirements (the “PWA...more

Mintz - Energy & Sustainability Viewpoints

Update: President Biden Signs Historic Legislation Providing Expansive Clean Energy Tax Incentives

On August 16, 2022, President Biden signed the “Inflation Reduction Act of 2022” (the “Act”), which includes the largest single investment in clean energy in United States history. The Act extends and expands existing tax...more

Orrick, Herrington & Sutcliffe LLP

Consolidated Appropriations Act Extends Construction Deadline for Tax Credits for Wind and Solar Projects

The Consolidated Appropriations Act, 2021 (the “Act”) was signed into law on December 27, 2020. The Act provided an extension of the beginning of construction deadline for the Production Tax Credit (“PTC”) for wind projects...more

Mayer Brown

Solar and Wind Tax Credits Extended, Again

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On Monday, December 21, 2020, the United States Congress passed a second large stimulus bill (the “Relief Bill”) aimed at curtailing the economic disruptions caused by COVID-19. The Relief Bill, among other things, extends...more

Mayer Brown

COVID-19: CARES Act Fails to Address Renewable Energy Industry’s Concerns But Path Forward with the IRS Remains

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Background - As the COVID-19 pandemic continues to disrupt project development timelines generally, solar and wind projects that rely on federal income tax credits to obtain financing are particularly sensitive to...more

Orrick, Herrington & Sutcliffe LLP

Boost For Solar Energy Developers From IRS Clarification Of "Beginning Construction" Tax Credit Rules

On June 22, the Internal Revenue Service ("IRS") issued Notice 2018-59 (the "Notice"), which provides guidance regarding qualification and construction timing for purposes of the investment tax credit ("ITC") provided by...more

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