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Tax Credits Offshore Wind Energy Projects

Allen Matkins

Renewable Energy Update 7.18.24

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The California Energy Commission (CEC) has adopted a strategic plan that will guide the state’s development of offshore wind energy. The plan outlines analysis and strategies to deploy floating turbines off California’s...more

Allen Matkins

Renewable Energy Update 6.03.24

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The California Independent System Operator’s board on May 23 approved a $6.1 billion, 10-year transmission plan that includes projects to deliver offshore wind to customers. Transmission projects to access clean energy...more

Allen Matkins

Renewable Energy Update 5.07.24

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Governor Gavin Newsom said on April 25 that California continued to rapidly add the battery storage that is crucial to the transition to cleaner energy, but admitted it was still not enough to avoid blackouts during heat...more

Holland & Knight LLP

IRS Updates and Expands Energy Community Bonus Tax Credit Guidance

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The IRS released additional guidance on March 22, 2024, in the form of Notice 2024-30 (Notice) regarding the energy community bonus credit under Sections 45, 48, 45Y and 48E of the Internal Revenue Code, which also is...more

Vinson & Elkins LLP

Treasury Updates its Energy Community Guidance

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On March 22, 2024, the Internal Revenue Service (IRS) issued additional guidance in respect of the “Energy Community Bonus” in Notice 2024-30 (the “Notice”), which provides two key updates: (1) offshore wind farms have two...more

Allen Matkins

Renewable Energy Update 3.21.24

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The first commercial-scale offshore wind farm in the United States is officially open, a long-awaited moment that helps pave the way for a succession of large wind farms. Danish wind energy developer Ørsted and the utility...more

Allen Matkins

Renewable Energy Update 11.02.23

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President Joe Biden announced Monday a $1.3 billion federal investment to build three new interstate power lines in an effort to upgrade the nation’s outdated electric grid and transition to clean energy....more

StoneTurn

There’s Still Time to Maximize Inflation Reduction Act Incentives

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It has been just over a year since the Inflation Reduction Act (“IRA” or “The Act”) was passed. This monumental piece of legislation for the clean energy industry provides hundreds of billions of dollars to build a clean...more

Latham & Watkins LLP

IRS Clarifies Rules for Energy Community Bonus Tax Credits

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The Notice enables developers and investors to more easily determine the Energy Community status of projects. Key Points: ..The IRS and the Treasury Department have provided tables to assist in determining eligibility...more

K&L Gates LLP

Carbon Quarterly – Special Edition

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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

Vinson & Elkins LLP

[Webinar] Recent Developments in U.S. Offshore Wind - August 16th, 12:00 pm - 1:00 pm CT

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In this presentation, panelists will discuss recent developments in the U.S. offshore wind industry including recent progress and projects in the pipeline, challenges to development of U.S. offshore wind projects, key...more

Gray Reed

Renewable Energy Tax Credits: Green Energy Saving Greenbacks

Gray Reed on

The world needs energy, and increasingly more of it, but people are becoming concerned that the production of energy be done responsibly. A growing trend involves efforts to create more energy from renewable sources in hopes...more

Greenbaum, Rowe, Smith & Davis LLP

The New Jersey Economic Recovery Act Of 2020: An Overview Of The Offshore Wind Tax Credit Program

The New Jersey Economic Recovery Act of 2020 (ERA), a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and...more

Vinson & Elkins LLP

[Webinar] Recent Developments in U.S. Offshore Wind Energy - March 4th, 12:00 pm - 1:00 pm CT

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The United States has tremendous offshore wind energy resource potential with the ability to provide thousands of highly-skilled jobs and large amounts of renewable energy in close proximity to many of the country’s largest...more

Latham & Watkins LLP

COVID-19 Tax Relief Package Extends Renewable Power and Carbon Capture Tax Credits

Latham & Watkins LLP on

Congress extends tax credits for certain renewables, and expands tax credits for offshore wind and waste energy recovery. Key Points: ..Production tax credits for onshore and offshore wind projects are extended at a 60%...more

Foley & Lardner LLP

Production Tax Credit Extended for Renewable Projects Beginning Construction in 2020

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On December 20, 2019, the President signed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Act”), which extends the current production tax credit (PTC) for wind for an additional year. The Act extends the...more

Bracewell LLP

From Sunrise to Sunset: Phasing-Out the Renewable Energy Tax Credits

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While corporate tax reform and reduced tax rates were the hallmark of sweeping 2017 legislation (the Tax Cuts and Jobs Act, or TCJA), and thus the focus of the media and tax professionals, the renewables industry was largely...more

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