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IRS Internal Memorandum Advises That Self-Employment Tax Applies to Profits From an Investment Manager

On September 5, 2014, the Office of Chief Counsel, Internal Revenue Service (IRS) released an internal generic legal advice memorandum advising an IRS field agent that the statutorily provided “limited partner” exception to...more

9/11/2014 - Income Taxes Investment Adviser IRS Self-Employment Tax

IRS Comments on its PTC Start of Construction Guidance

On August 20, the American Wind Energy Association (AWEA) held a webinar to discuss Internal Revenue Service (IRS) Notice 2014-46, which clarified the rules for wind projects to be grandfathered for production tax credit...more

8/22/2014 - Construction Contracts Eligibility Energy Energy Projects IRS Production Tax Credit Renewable Energy Safe Harbors Wind Power

IRS Finally Releases Clarifications to PTC “Start of Construction” Guidance

On Friday, the Internal Revenue Service (IRS) issued Notice 2014-46, which clarifies the rules for a wind project to be deemed to have started construction in 2013 as is necessary to be eligible for production tax credits...more

8/11/2014 - Construction Site Energy Energy Projects Final Rules Investment Tax Credits IRS Production Tax Credit Renewable Energy Sustainable Projects Tax Credits Wind Farm Wind Power

CRS Report Takes Negative View on Bonus Depreciation

The Congressional Research Service (CRS) has issued a report analyzing the economic effects of bonus depreciation. CRS has very little to say that is positive about bonus depreciation. CRS views it as neither an effective...more

8/1/2014 - Bonus Depreciation Corporate Tax Rates Corporate Taxes Economic Development Economic Stimulus Information Reports Senate Finance Committee Tax Rates Tax Reform U.S. Treasury

PTC “Start of Construction” Clarifying Guidance Expected in a Week or Two

General Electric (GE) stated on its quarterly earnings call today that it expected that the clarification to the Internal Revenue Service’s (IRS) production tax credit (PTC) “start of construction” guidance would be released...more

7/21/2014 - Construction Contracts Construction Project General Electric Guidance Update IRS Production Tax Credit

Sound Bites from REFF Wall Street

The Renewable Energy Finance Forum Wall Street was held on June 25 and 26. Below are selected sound bites about YieldCos, tax equity and the capital markets opportunities for renewables. This post was prepared without the...more

7/2/2014 - Capital Markets Energy Renewable Energy Tax Equity Market Wall Street YieldCos

SolarCity Discovery Motion Details Treasury’s Cash Grant Processes and Treasury’s Communications with SolarCity

On June 23, 2014, Covington & Burling (C&B), on behalf of affiliates of SolarCity Corporation (“SolarCity”) filed a motion in the Court of Federal Claims to compel Treasury to produce documents related to the setting of...more

6/26/2014 - DOJ Energy Grants IRS Renewable Energy Solar Energy

IRS Creates Narrow Distributed Generation Wind Opportunity for REITs

The IRS has opened the door a crack for real estate investment trusts (REITs) to be the lessors of wind projects. To qualify as a REIT, a corporation must satisfy a series of complicated tests that require the...more

6/24/2014 - Funding IRS Property Tax Real Estate Investments REITS Renewable Energy Solar Energy

Abengoa Yield PLC Highlights From IPO

Abengoa Yield plc began trading on the NASDAQ on June 13th. The Form F-1 (the equivalent of a form S-1 for a foreign issuer) is available below. The IPO was priced at $29 a share. This was above the expected range of $25 to...more

6/20/2014 - IPO UK

IRS Issues Notice on the Cash Grant Sequestration and Tax Attributes

Yesterday, the IRS issued a notice confirming the effects of the Cash Grant sequestration with respect to the tax attributes associated with the renewable energy projects that received the Cash Grant. Notice 2014-39 is...more

6/12/2014 - Energy Tax Incentives Investment Tax Credits IRS Renewable Energy Sequestration Tax Credits

Justice Scalia Says Tax Advisor Training Could Take Only Six Months

Justice Scalia, speaking at the William & Mary Law School 2014 commencement on the topic of the reform of legal education, said: “One can practice various aspects of law without knowing much about the whole field. I expect...more

6/3/2014 - Education Reform Justice Scalia Professional Development

Treasury Proposes REIT Solar Regulations but Excludes Most Common Transactions

On the same day as President Obama’s speech championing solar, the Department of the Treasury proposed regulations defining “real estate assets” for purposes of the definition of a real estate investment trust (REIT). The...more

5/13/2014 - Barack Obama MLPs Partnership Agreements Publicly-Traded Companies Real Estate Investments REIT Solar Panels U.S. Treasury

IRS Will Issue Further PTC Start of Construction Guidance

On Friday, Christopher Kelley of the Treasury Office of Tax Legislative Counsel announced that the IRS would be issuing additional guidance to determine whether projects started construction in 2013 as is necessary to be...more

5/13/2014 - IRS Production Tax Credit Tax Credits

US Pref Analyzes Benefits of Policies Supporting Renewables

On April 24, the US Partnership for Renewable Energy Finance (USPREF) which is affiliated with American Council on Renewable Energy published an analysis of the effect of favorable governmental policies on the deployment of...more

5/1/2014 - Clean Energy Energy Renewable Energy USPREF

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 U.S. 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

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