4 Key Takeaways | Harnessing the Inflation Reduction Act: Driving Investments in Renewable Energy and Carbon Reduction
The U.S. Department of the Treasury (Treasury) today released Notice 2024-41, Domestic Content Bonus Credit Amounts under the Inflation Reduction Act of 2022: Expansion of Applicable Projects for Safe Harbor in Notice 2023-38...more
Members of the K&L Gates Hydrogen, Power, Tax, and Tax Policy teams speak with Sandi Safro Osborn, Assistant General Counsel of the Edison Electric Institute, about the proposed regulations the Treasury Department and...more
Join Partners Heather Cooper and Christopher Gladbach next Tuesday for an insightful discussion on the nuances of the Internal Revenue Services’ (IRS) recent guidance on the clean hydrogen tax credit. They’ll shed light on...more
The U.S. Department of the Treasury (Treasury) earlier this week issued a notice of proposed rulemaking regarding the up to 20 percentage point additional investment tax credit (ITC) for certain solar and wind facilities...more
As an update to our prior alert on this subject the Treasury Department recently released new guidance, which critically outlines the Department of Energy's (DOE) priorities and technical review criteria for the 48C(e)...more
The federal government offers two primary incentives for renewable energy projects: an investment tax credit for eligible investments in property, such as solar panels, and a production tax credit for electricity from...more
A reasonable analysis of the Buy America standards for manufactured products would have resulted in the qualified facility or energy project being treated as the end product. One would then check to see if the components of...more
The application process for the first round of funding for the Section 48C credit will open May 31, 2023. The IRS will issue additional guidance on the program before the application process opens but the application window...more
On August 12, 2022, Congress passed the Inflation Reduction Act of 2022 (“Act” or “IRA”), a $400 billion legislative package containing significant tax and other government incentives for the energy industry, in particular...more
The Inflation Reduction Act of 2022 (IRA) will be a game changer for the energy industry. This guide focuses on those issues of particular significance to the energy industry; it is not intended to be comprehensive....more
After months of intense, and at times acrimonious, negotiations among the Democratic caucus, the United States Senate on August 7, 2022, passed the Inflation Reduction Act (IRA). The IRA includes a host of programs aimed at...more
The Inflation Reduction Act of 2022 proposes significant changes and expansions to the existing federal income tax benefits for renewable energy, fuel production, and other green technologies....more
Following the White House’s release of an updated Build Back Better Plan framework on October 28, 2021, the House released a revised budget reconciliation bill totaling $1.75 trillion. Both the framework and the updated House...more
IRS guidance issued June 29, 2021 extends the deadline by which renewable energy projects (including wind and solar projects) that began construction in 2016 through 2020 may finish construction and qualify for production tax...more
Recently, several members of the House of Representatives (the “House”) sent a letter requesting economic relief for the renewable energy industry, which has been severely hit by the COVID-19 crisis. Prior to the pandemic,...more
In a June 2, 2020 letter to the House and Senate leadership, a group of fifty-six Democratic senators and representatives (and one independent senator) voiced strong support for an extension of renewables tax credits due to...more
A favorable outcome for wind and other renewable projects, but solar and storage are left out. Key Points: ..Qualifying wind projects on which construction begins after December 31, 2019 and before January 1, 2021 will...more
The Bipartisan Budget Act of 2018 (H.R. 1892) (the “Act”) was enacted on February 9, 2018. The Act is a two-year budget agreement that includes a number of provisions extending lapsed renewable energy-related tax credits;...more
We drafted a tax alert that addresses the impact of the much anticipated "Tax Cut and Jobs Act" (H.R. 1) on the energy industry. The complete text of the alert is available here. Below is a brief summary of H.R. 1. ...more
On November 2nd, the House Ways and Means Committee released the much anticipated "Tax Cut and Jobs Act" (H.R. 1). If passed, this initial pass at widespread tax reform would trigger the most sweeping changes to the U.S. tax...more
In August 2007, Kentucky enacted the Incentives for Energy Independence Act (IEIA) program (KRS 154.27-010 through 154.27-090). As with any Kentucky administered tax incentive programs, the inducements under the IEIA are...more
On Thursday, September 10, The New England Clean Energy Council (NECEC) hosted its third annual Legislative Roundup. The event brought together clean energy advocates and technology developers from around the Northeast to...more