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Elective Safe Harbor Released for IRA Domestic Content Tax Credit ‘Adder’

The US Department of Treasury and the IRS on May 16 released Notice 2024-41, which provides a new elective safe harbor that taxpayers may use to qualify for the domestic content bonus credit amount under Sections 45, 45Y, 48,...more

The ‘Three Pillars’ of EAC Use and the Proposed Regulations for Clean Hydrogen Tax Credit

The Internal Revenue Service (IRS) and US Department of the Treasury (Treasury) published proposed regulations (the Proposed Regulations) in late December 2023 setting forth rules that would apply to the tax credits for...more

The Turning Tide of Energy Storage: A Global Opportunity and Regulatory Roadmap for 2024

This report comes to you at the turning of the tide for energy storage: after two years of rising prices and supply chain disruptions, the energy storage industry is starting to see price declines and much-anticipated supply...more

IRS Guidance and Impact on the Energy Storage Industry

The Inflation Reduction Act of 2022 (IRA) enacted a wide range of legislation intended to further a variety of policy goals, including decarbonization, energy and resource security, environmental justice, and good-paying job...more

Treasury and IRS Publish Much-Anticipated Guidance on Clean Hydrogen Tax Credit

The Internal Revenue Service (IRS) and the US Department of the Treasury (Treasury) recently published proposed regulations (Proposed Regulations) setting forth rules applicable to the credit for the production of clean...more

IRA’s Advanced Manufacturing Production Credit: IRS Publishes Proposed 45x Regulations

The Internal Revenue Service’s proposed Section 45X regulations, released on December 15, provide US-based manufacturers with much-anticipated guidance for a credit that has been available since the beginning of 2023....more

Treasury and IRS Publish Long-Awaited Guidance on Renewable Energy Investment Tax Credit

The US Internal Revenue Service (IRS) and US Department of the Treasury (Treasury) released proposed regulations on November 17, 2023 addressing the investment tax credit (ITC) for renewable energy and energy storage...more

Biden Administration’s Focus on Unions Extends to OSHA and Inflation Reduction Act Projects

Beyond the recent, precedent-rewriting National Labor Relations Board decisions that have been making headlines, the Biden administration has been furthering its pro-labor agenda through other rulemaking efforts, from the US...more

IRS and Treasury Release Credit Transfer Guidance Aiming to Jump Start Market for Ira's Clean Tech Industry Tax Credit Sales

On June 14, 2023, the Internal Revenue Service (IRS) and US Department of the Treasury (Treasury) released temporary regulations (Temporary Regulations) and proposed regulations (Proposed Regulations; collectively with the...more

IRS Releases Highly Anticipated Guidance on Domestic Content IRA Tax Credit ‘Adder’

The Internal Revenue Service and US Department of the Treasury released Notice 2023-38 on May 12, which establishes rules for testing an applicable “green” energy facility’s eligibility for a bonus federal income tax credit...more

IRA's Energy Community Tax Credit ‘Adder’: IRS Releases Taxpayer-Favorable Guidance

The highly anticipated guidance for determining a “green” energy facility’s eligibility for the potentially valuable tax credit increase largely aligns with industry expectations, including by providing certainty on energy...more

The Rise of Energy Storage

Energy storage: the technology that will cash the checks written by the renewable energy industry. Energy storage can transform intermittent clean energy—primarily derived from wind and solar—into a reliable source of 24/7...more

US Offshore Wind Roundup as of March 2023

Despite global economic headwinds, the US offshore wind industry has continued to slowly but steadily blossom, driven largely by enhanced vision and cooperation among federal government agencies under the Biden...more

New Tax Credits and Monetization Opportunities for Energy Storage Have the Chance to Revolutionize the Industry

The Inflation Reduction Act of 2022 (IRA), which was signed into law on August 16, 2022, enacted a wide range of legislation addressing climate change, healthcare, prescription drug pricing, and tax matters. Specific to...more

IRS and DOE Publish Details on First Allocation of $10B Section 48C Green Technology Industry Tax Credits Authorized by IRA

he Internal Revenue Service (IRS), the Treasury Department (Treasury), and the Department of Energy (DOE) released Notice 2023-18 (Notice) on February 13, detailing the procedures through which the IRS and DOE will award a...more

The Trends—and Traps—that Will Shape 2023

The last few years have thrown many surprises at businesses. Organizations across all sectors have faced inflation, global conflicts, supply chain challenges, a pandemic, and continually changing government policies. In 2023,...more

New Year Brings New Opportunities for Energy Storage (and Utilities)

On January 1, 2023, newly constructed standalone energy storage facilities became eligible for an investment tax credit (ITC) under Section 48 of the Internal Code of 1986, as amended (Code), pursuant to provisions of the...more

IRS Publishes Critical Prevailing Wage and Apprenticeship Requirement Guidance for IRA Tax Credits

The Internal Revenue Service (IRS) published Notice 2022-61 (the Notice) in the November 30 Federal Register to provide guidance on the key prevailing wage and apprenticeship labor standards (W&A Requirements) generally...more

Inflation Reduction Act: Initial Takeaways for Green Technology, Taxes, and Healthcare

The Inflation Reduction Act of 2022, passed by the US Senate on August 7, 2022, will dramatically affect a range of climate change, healthcare, prescription drug pricing, and tax matters. With an investment of more than $400...more

Inflation Reduction Act Would Significantly Expand Federal Income Tax Benefits for Green Technology Industry

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

Are Investment Tax Credit Changes in Store for Energy Storage?

The US energy storage industry is experiencing rapid growth, with approximately 3.5 gigawatt hours (GWh) of energy storage installed in 2020, which is greater than the aggregate 3.1 GWh of energy storage installed from 2013...more

Largely Taxpayer-Friendly Final Regulations Released Under Section 45Q Carbon Capture Credit

The US Department of Treasury and the Internal Revenue Service released anticipated final regulations pertaining to the federal income tax credit for carbon capture projects under Section 45Q of the Internal Revenue Code on...more

New COVID-19 Relief Legislation Extends Renewable Energy and Green Technology Industry Tax Incentives

A new coronavirus (COVID-19) relief bill—the Consolidated Appropriations Act, 2021, which includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the Act)—was signed into law on December 27. The Act not only...more

Congress Updates US Energy Policy, Incorporates Energy-Related Tax Provisions Through Consolidated Appropriations Act, 2021

The US Congress has adopted the first extensive update to US federal energy policies in over a decade in the Energy Act of 2020 (Energy Act), which President Donald Trump signed into law on December 27 as part of the...more

New Proposed Regulations Provide Clarity for Claiming Carbon Capture and Sequestration Tax Credits

In our previous LawFlash, we summarized the key provisions of the proposed regulations pertaining to the technical mechanical and associated measurement, reporting, and certification requirements for the Section 45Q credit. ...more

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