News & Analysis as of

Infrastructure 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

Mintz - Energy & Sustainability Viewpoints

Energy & Sustainability Washington Update — June 2024

“Home Energy Rebates” program, which made available $8.8 billion in funds to help reduce US households’ energy bills. Separated into two rebate programs – the HOMES Rebate Program and the HEEHRA Rebate Program – Home Energy...more

Akerman LLP

IRA Update: Guidance Released for Round 2 of 48C Advanced Energy Project Credit Program

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On April 29, 2024, the IRS and Treasury Department announced the procedures for the second round of federal tax credit allocations for the Advanced Energy Project Credit Program (48C Program) under Internal Revenue Code...more

K&L Gates LLP

The Department of Treasury Releases Direct Pay Guidance on Clean Energy Tax Credits

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Final Rules Address Eligibility and Process; Proposed Rules Provide Workaround Allowing Tax Exempts to Partner With Others on Projects - The Department of Treasury (Treasury) and the Internal Revenue Service (IRS) recently...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

Vinson & Elkins LLP

Treasury Issues Proposed Regulations on 45X Advanced Manufacturing Production Credit

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On December 14, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) providing additional guidance to taxpayers on the advanced...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

Cadwalader, Wickersham & Taft LLP

Is Treasury Tilting at Windmills with their Proposed Rules on Clean Energy Tax Credit Transfers?

Last August, the Inflation Reduction Act of 2022 (the “IRA”) introduced transferability provisions that will allow developers to sell clean energy tax credits.  On June 14, 2023, the IRS released proposed regulations and...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

K&L Gates LLP

Treasury and IRS Propose Regulations for Inflation Reduction Act's Low-Income Communities Bonus Credit Program

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On 1 June 2023, the US Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued a notice of proposed rulemaking (NOPR) regarding the Low-Income Communities Bonus Credit Program (Program) established...more

Polsinelli

Guidance Released on Inflation Reduction Act Domestic Content Tax Credits

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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

Foley Hoag LLP - Energy & Climate Counsel

Tackling the Cost of Clean Hydrogen under the Bipartisan Infrastructure Law and the Inflation Reduction Act

[This is the third post in our Hydrogen Blog Series. Read the first post here and the second post here] One of the biggest hurdles for clean hydrogen is high costs.  The Department of Energy graph below says it all.  Today, a...more

Stoel Rives LLP

Treasury Issues Preliminary Guidance on Domestic Content Bonus Credit Qualification

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The U.S. Department of the Treasury earlier today released Notice 2023-38, Domestic Content Bonus Credit Guidance under Sections 45, 45Y, 48, and 48E (the Notice). The Notice indicates that the Treasury Department and the IRS...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

Application Windows Opening for New Federal Funding

With more application windows for projects across the infrastructure, energy and technology sectors opening in the first three quarters of 2023, businesses should begin preparing now. Applicants must meet certain compliance...more

Polsinelli

Hydrocarbon Tax Policy Trends

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As governments focus on clean energy and carbon reduction initiatives, their oil and gas taxation policies have increasingly come under scrutiny. Polsinelli’s attorneys review a few overarching themes concerning expected...more

McDermott Will & Emery

Energy Tax Credits with a String Attached

The Inflation Reduction Act of 2022 (IRA) grants tax credits to clean energy and infrastructure projects. But there is a string attached: to receive the tax credits, workers doing the construction, as well as those doing any...more

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