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Oil & Gas Tax Credits Carbon Capture and Sequestration

Akin Gump Strauss Hauer & Feld LLP

Energy Policy Priorities for the 119th Congress and Trump Administration

President-elect Trump has been outspoken about his intent to reverse many of the Biden administration’s clean energy legislative and regulatory actions. We expect that the second Trump administration will seek to repeal...more

Brownstein Hyatt Farber Schreck

Brownstein Sponsors the 2024 Rockies Petroleum Conference

Brownstein was privileged to sponsor this year’s Rockies Petroleum Conference, hosted by the Petroleum Association of Wyoming, in Laramie, Wyoming, on Aug. 21–23, 2024....more

K&L Gates LLP

Carbon Quarterly – Volume 9

K&L Gates LLP on

Carbon Quarterly is a newsletter covering developments in carbon policy, law, and innovation. No matter your views on climate change policy, there is no avoiding an increasing focus on carbon regulation, resiliency planning,...more

Bennett Jones LLP

Government of Alberta Unveils Further Details Regarding the Alberta Carbon Capture Incentive Program

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On April 3, 2024, the Alberta Government released additional details on the Alberta Carbon Capture Incentive Program (ACCIP), which will support and accelerate the development of new carbon capture, utilization and storage...more

McDermott Will & Emery

Key Takeaways | Carbon Capture Gets a Long Runway for Development

McDermott Will & Emery on

Featured prominently in the Inflation Reduction Act of 2022 (IRA), carbon capture, utilization and storage (CCUS) is one segment of the energy industry that could most benefit from incentivized development. On November 17,...more

Mayer Brown

IRS Requests Comments on Additional Aspects of Energy Tax Credits

Mayer Brown on

On November 3, 2022, the U.S. Internal Revenue Service (IRS) issued three additional notices requesting public input on key aspects of climate and clean energy tax provisions in the Inflation Reduction Act. Here is list of,...more

Opportune LLP

US Inflation Reduction Act Aims To Give Carbon Capture A Boost, But Will It Take Off?

Opportune LLP on

On August 16, 2022, President Biden signed the landmark “Inflation Reduction Act” (IRA) into law, which contains several renewable energy tax breaks to help companies and U.S. consumers transition to clean energy. While the...more

Holland & Knight LLP

The Green Book and Green Energy

Holland & Knight LLP on

Since the beginning of his presidential campaign, President Joe Biden has made clear his vision to drive the United States toward world leadership in green energy. With tax policy long an important tool in the toolbox for...more

Eversheds Sutherland (US) LLP

FY 2022 Green Book goes big for green energy

On May 28, 2021, Treasury released the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, more commonly referred to as the Green Book. The issuance of the Green Book provides further detail on...more

Pillsbury Winthrop Shaw Pittman LLP

Energy Tax Implications of the American Jobs Plan

The American Jobs Plan would provide significant extension and expansion of many existing renewable energy tax credits, and it would also provide direct payment options for certain tax benefits such as the investment tax...more

Mayer Brown

US – Storing CO2 And Lowering Emissions (SCALE) Act

Mayer Brown on

On March 17, 2021, U.S. Senators Chris Coons (D-Del.) and Bill Cassidy, M.D. (R-La.) and U.S. Representatives Marc Veasey (D-Texas) and David McKinley (R-W.Va.) introduced the Storing CO2 And Lowering Emissions (SCALE) Act. ...more

Beveridge & Diamond PC

Treasury Department Finalizes Regulations to Govern 45Q Tax Credits for Carbon Capture and Sequestration

Beveridge & Diamond PC on

As we previously reported, in June 2020, the Treasury Department issued proposed regulations to implement Section 45Q of the Tax Code, which provides tax credits for capturing and sequestering carbon oxides that would...more

Mayer Brown

Potential Energy Tax Changes under a Biden Administration

Mayer Brown on

As the incoming Biden Administration takes shape, energy companies will be monitoring potential tax policy initiatives, especially those that could impact the energy sector. Companies throughout the sector could be treated...more

Orrick, Herrington & Sutcliffe LLP

Department of Energy and USEA Release Comprehensive Carbon Capture Incentives Report Co-authored by Orrick

On September 21, the United States Energy Association (“USEA”), on behalf of the Department of Energy Office of Fossil Energy, released a comprehensive report on the current state of carbon capture, utilization, and...more

Foley & Lardner LLP

IRS Releases Initial Guidance Regarding Section 45Q Carbon Sequestration Tax Credit

Foley & Lardner LLP on

On February 20, 2020, the IRS issued its first round of guidance regarding the carbon sequestration tax credit found in Section 45Q (the “Section 45Q Credit”) of the Internal Revenue Code of 1986 (as amended, the “Code”) in...more

Orrick, Herrington & Sutcliffe LLP

Carbon Capture and Sequestration: Incentives Update

Section 45Q Tax Credits Internal Revenue Code Section 45Q provides a tax credit for the sequestration or use of qualified carbon oxides (“COx”), including CO2. Although Section 45Q was enacted in 2008, there was uncertainty...more

McGuireWoods LLP

New Opportunities Follow Expansion of Section 45Q Carbon Sequestration Credits

McGuireWoods LLP on

The recent enactment of the Bipartisan Budget Act of 2018 extended and significantly expanded the existing tax credit for carbon sequestration under Section 45Q of the Internal Revenue Code. Although the Section 45Q credit...more

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