News & Analysis as of

Infrastructure U.S. Treasury Internal Revenue Code (IRC)

Jones Day

Administration Finalizes Regulations on Clean Energy Tax Credit Transfers

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The Department of Treasury and the Internal Revenue Service issued final regulations on requirements for taxpayers selling clean energy tax credits....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

Akin Gump Strauss Hauer & Feld LLP

Proposed Clean Hydrogen Guidance: Limitations on Credit Availability for Green Hydrogen Projects and Paths Forward

Guidance recently issued by the Department of the Treasury and the Internal Revenue Service (IRS) in proposed regulations (REG-117631-23) will (if held to be final) have a significant impact on green hydrogen projects in the...more

Sullivan & Worcester

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

Sullivan & Worcester on

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

Lowndes on

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

Troutman Pepper

Court Issues Perplexing Decision in Alta Wind

Troutman Pepper on

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

K&L Gates LLP

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

K&L Gates LLP on

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

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

Mayer Brown on

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

Fenwick & West LLP

IRS Delays Infrastructure Act's Broker Reporting Requirements

Fenwick & West LLP on

On December 23, 2022, the Internal Revenue Service (IRS) released Announcement 2023-2 in response to the new broker reporting rules that were part of the 2021 Infrastructure Investment and Jobs Act (the Infrastructure Act)....more

Fenwick & West LLP

Senate Passes Infrastructure Bill Including Language on Digital Assets and Reporting of Crypto Transactions

Fenwick & West LLP on

On August 10, 2021, the U.S. Senate passed an infrastructure bill containing explicit rules to be inserted into the Internal Revenue Code regarding digital assets. The passage marks the first time that language on this topic...more

Pillsbury Winthrop Shaw Pittman LLP

CEAA and GREEN Act Present Competing Frameworks for Energy Tax Credits

As compared to the GREEN Act and other recent proposals, the Clean Energy for America Act would create a more fundamental shift in energy tax credits. Policymakers will need to weigh the benefits of far-reaching changes...more

Morgan Lewis - Up & Atom

IRS Issues Final Rule on Nuclear Decommissioning Funds

The Internal Revenue Service (IRS) and the US Department of the Treasury (Treasury) published a final rule in the September 4 Federal Register updating IRS regulations under Internal Revenue Code (Code) Section 468A....more

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