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CRS Analyzes the Production Tax Credit and Related Policies

With both chambers of Congress considering the extension of the production tax credit (PTC), the Congressional Research Service published a report on April 7, 2014, The Renewable Energy Production Tax Credit: In Brief. ...more

4/24/2014 - Energy Tax Incentives Production Tax Credit Renewable Energy

NREL Analyzes Production Tax Credit Extension Implications for U.S. Manufacturing

The National Renewable Energy Laboratory (NREL), which is a component of the U.S. Department of Energy, has published a report analyzing the implications of the extension of the production tax credit (PTC) for U.S....more

4/18/2014 - DOE Employment Policies Energy Energy Policy Energy Tax Incentives Exports Manufacturers NREL PTC Renewable Energy Wind Power

Senate Finance Committee Approves PTC Extension Through 2015

Today, the Senate Finance Committee approved and reported the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. It includes an extension of the 2.3 cents per kilowatt hour production tax credit for wind for...more

4/4/2014 - Energy Production Tax Credit Utilities Sector

Wyden’s Extenders Bill Due March 31 - PTC Advocates Muster for the Fight

Senator Wyden (D-OR), chairman of the Senate Finance Committee, stated that he will release his “extenders” bill on March 31 and that the included provisions will be renewed through the end of 2015. Senator Rockefeller...more

3/28/2014 - Tax Extenders Tax Reform Wind Power

Project Perspectives - Winter 2014 Edition

In this edition: - Oil and Gas Industry Discussion - The False Claims Act: The Government’s Sword in Cash Grant Audits - Is a 50 Percent Renewables Portfolio Standard in California’s Future? -...more

3/25/2014 - Clean Energy Energy Energy Policy Energy Tax Incentives False Claims Act Federal Grants Oil & Gas Renewable Energy Solar Energy State Taxes Utilities Sector

Obama’s Plan to Ax the Solar Investment Tax Credit

In President Obama’s 2014 State of the Union address, he said: “Every four minutes, another American home or business goes solar; every panel pounded into place by a worker whose job can’t be outsourced. Let’s continue that...more

3/18/2014 - Energy Tax Incentives Solar Energy Tax Credits

Letter to The Washington Post Defending the PTC

The Washington Post in an editorial of January 20 described the extension of the production tax credit (PTC) for wind as “wasteful.” The Post’s editorial is available below. However, The Post’s editorial board has...more

2/11/2014 - Climate Change Production Tax Credit Renewable Energy

Treasury Inspector General Report on 1603 Cash Grant Seems Off the Mark

On December 17, the Treasury Inspector General for Tax Administration released Review of Section 1603 Grants in Lieu of Energy Investment Tax Credit which is available below. Either there is some confusion associated with the...more

2/10/2014 - Audits Energy Energy Tax Incentives Grants IRS Renewable Energy U.S. Treasury

Congressional Research Service on PTC and Other Tax Extenders

The Congressional Research Service (CRS) published a whitepaper addressing the tax provisions that lapsed at the end of 2013. The whitepaper is available below. Of particular interest to the renewable energy industry is the...more

1/29/2014 - New Market Tax Credits Production Tax Credit Tax Extenders

IRS Revises Historic Tax Credit Revenue Procedure

Revenue Procedure 2014-12 provides a safe harbor for historic tax credit (i.e., the Section 47 rehabilitation tax credit) partnership transactions. On January 8, the IRS issued a revised version of it that provides a...more

1/15/2014 - Business Taxes Investment Tax Credits IRS Partnerships Safe Harbors Tax Credits Tax Equity Partnership Treasury

Informal Clarification of Historic Tax Credit Safe Harbor

Informal conversations with the drafters of Revenue Procedure 2012-14 (the “Revenue Procedure”) have clarified the safe harbor’s pretax economics requirements. The Revenue Procedure is available below....more

1/7/2014 - Investors IRS Safe Harbors Tax Credits

IRS Guidance for Historic Tax Credit Transactions: Partnership Flips and Inverted Leases

The IRS released Revenue Procedure 2014-12 on December 30. It is available below. It addresses the structuring of historic tax credit transactions (i.e., transactions involving rehabilitation tax credits provided for in...more

1/3/2014 - Commercial Leases IRS Safe Harbors Tax Credits Wind Power

Baucus Post-2016 Proposal: No Change to PTC & ITC Reduced to 20 Percent

Today, the chairman of the Senate Finance Committee, Max Baucus (D-MT), released his proposal for energy tax incentives as part of overall tax reform. The proposal is thoughtful and merits serious consideration by the...more

12/19/2013 - Energy Energy-Efficiency Tax Credits Greenhouse Gas Emissions Investment Tax Credits Master Limited Partnerships Production Tax Credit Renewable Energy Solar Energy Tax Incentives Tax Reform Wind Power

Tax Misstatements in SolarCity’s Response to Critical Barron’s Article

Barron’s in August of this year published an article critical of SolarCity’s use of tax credits and grants for its solar projects. That article led Senator Sessions to send a harsh letter with a number of pointed questions to...more

12/10/2013 - Solar Energy Tax Credits U.S. Treasury

CRS Report on the Administration’s Proposal to Repeal Tax Breaks for the Oil & Gas Industry

The Congressional Research Service (CRS) on October 30 published a report on the Obama Administration’s proposal to repeal or modify certain tax benefits provided to the oil and gas industry. ...more

12/5/2013 - Income Taxes Oil & Gas Tax Credits Tax Reform

MLP Renewables Bill Scored at a Modest $1.3 Billion

Senator Coons (D-DE), the lead sponsor of the Master Limited Partnership Parity Act (S. 795), has received the scoring estimate for that bill from the Joint Committee on Taxation. According to the senator’s office, it is...more

11/21/2013 - Master Limited Partnerships Renewable Energy

Sen. Sessions Pens Letter to Treasury Critical of SolarCity and 1603 Practices

In a letter dated November 18, Senator Jeff Sessions (R-AL) wrote Secretary of the Treasury Jacob Lew a critical letter with questions regarding the Cash Grant program, SolarCity’s purported practices and the investment tax...more

11/20/2013 - 1603 Grants Energy Solar Energy Tax Credits

Economists’ Paper Suggest Carbon Tax Would have Minimal Determinate on U.S. GDP

Economists Lawrence Goulder and Marc Hafstead in October published Tax Reform and Environmental Policy: Options for Recycling Revenue from a Tax on Carbon Dioxide on behalf of Resources for the Future. The paper is available...more

11/13/2013 - Carbon Emissions Carbon Taxes Climate Change Environmental Policies

OCC Publishes Fact Sheet on Wind Tax Equity as Public Welfare Investments

The Office of the Comptroller of the Currency (OCC) at the end of October published a fact sheet to clarify the eligibility of wind tax equity investments as public welfare investments for national banks and federal savings...more

11/5/2013 - Banks OCC

U.S. Tax Policy Effect on Greenhouse Gases Report Summary and Critique

Congress asked the National Research Council, National Academy of Science, the National Academy of Engineering and the Institute of Medicine to study the effect of U.S. tax policy on carbon and other greenhouse gas emissions....more

10/29/2013 - Carbon Emissions Carbon Taxes Environmental Policies Greenhouse Gas Emissions

New Energy Finance Paper Discusses Tax Equity

America’s Power Plan describes itself as a “toolkit” for policymakers. The information that constitutes the toolkit is available below. Its energy finance paper was just published. The paper is available below. Below are...more

10/2/2013 - Electricity Energy Policy Incentives Investment Funds Investment Tax Credits Investors Renewable Energy

AWEA’s Wall Street Conference – Sound Bites from Panelists

AWEA recently held its annual Wall Street conference. Below are selected sound bites from panelists speaking on September 10th about finance, the state of market for wind in the United States, and the health of the tax...more

9/25/2013 - Energy Energy Efficiency Energy Policy Renewable Energy Tax Equity Partnership Wind Power

“SolarCity” Cash Grant Case Survives DOJ’s Motion to Dismiss

Today, Judge Bruggnick of the Court of Federal Claims denied the Department of Justice’s (DOJ) motion to dismiss the complaint filed by two special purpose entities affiliated with SolarCity regarding the Treasury’s...more

9/23/2013

IRS Provides Helpful Clarification to PTC “Start of Construction” Rules

On September 20th, the IRS in Notice 2013-60 clarified three critical issues in its guidance as to whether a wind project (or other type production tax credit (PTC) eligible project) is considered to have “started...more

9/23/2013 - Construction Contracts IRS Production Tax Credit Tax Credits

Treasury may be Planning to Issue More PTC “Start of Construction” Guidance

Yesterday, at the American Wind Energy Association’s Finance & Investment Seminar in Manhattan Attorney-Advisor Christopher Kelley of the U.S. Treasury, speaking on his own behalf, said that the Treasury and IRS are...more

9/12/2013 - IRS Tax Credits U.S. Treasury Wind Power

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