Gale Chan

Gale Chan

McDermott Will & Emery

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Final Regulations Define “Real Property” for REITs: Considerations for Renewable Energy and Transmission Assets

The recently released final regulations are generally consistent with the 2014 proposed regulations in their treatment of renewable energy and transmission assets, with several useful clarifications provided. ...more

9/26/2016 - Income Taxes Intangible Property Internal Revenue Code (IRC) Investment Trust Companies IRS Private Letter Rulings REIT Renewable Energy U.S. Treasury

Investment Tax Credit Lessee Income Inclusion Guidance Issued

New Internal Revenue Service (IRS) temporary regulations provide guidance on the income inclusion rules that apply when a lessor elects to treat a lessee as having acquired investment credit property under Treas. Reg. §...more

7/26/2016 - Internal Revenue Code (IRC) Investment Tax Credits IRS Lessee Partnerships

Energy Tax Extenders in FAA Bill Unlikely

As discussed in our post on April 7, US Congress extended the Production Tax Credit (PTC) under Internal Revenue Code (IRC) Section 45 and the Investment Tax Credit (ITC) under IRC Section 48 in December 2015, but failed to...more

7/2/2016 - Energy Tax Incentives Federal Aviation Administration (FAA) Internal Revenue Code (IRC) Investment Tax Credits Production Tax Credit Tax Extenders

IRS Issues Updated Notice Regarding Safe Harbor for Transfers of Property to Regulated Public Utilities by Electricity Generators

In Depth - On June 10, 2016, the Internal Revenue Service (IRS) issued Notice 2016-36 (the Notice), updating the safe harbor (Safe Harbor) regarding transfers of property from an electricity generator to a regulated...more

6/15/2016 - Electric Generation Suppliers Internal Revenue Code (IRC) IRS Power Purchase Agreements Public Utility Renewable Energy Safe Harbors Transfer Taxes Transmission Planning

IRS Revises Recent Begin Construction Guidance

On May 18, 2016, the Internal Revenue Service (IRS) revised Notice 2016-31 (Notice), its recent guidance on meeting the beginning of construction requirements for wind and other qualified facilities (including biomass,...more

5/20/2016 - Begun Construction Test Investment Tax Credits IRS Production Tax Credit Renewable Energy

IRS Issues Guidance on Beginning of Construction Rules for Renewable Projects

On May 5, 2016, the Internal Revenue Service (IRS) issued Notice 2016-31, providing guidance on meeting the beginning of construction requirements for wind and other qualified facilities (including biomass, geothermal,...more

5/12/2016 - Begun Construction Test Investment Tax Credits IRS Renewable Energy Safe Harbors Wind Power

Short-Term Reauthorization of FAA Programs Potentially Paves the Way For Omitted Energy Credit Extenders

As discussed in our post on March 16, the Congressional extension of the Production Tax Credit (PTC) under Internal Revenue Code (IRC) Section 45 and the Investment Tax Credit (ITC) under IRC Section 48 in December 2015...more

4/9/2016 - Energy Tax Incentives Federal Aviation Administration (FAA) Internal Revenue Code (IRC) Investment Tax Credits Production Tax Credit Tax Extenders

President Obama Signs Consolidated Appropriations Act

Renewable Energy Industry Seeks Additional Energy Credit Clarifications - On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act). The Act includes...more

3/17/2016 - Barack Obama Consolidated Appropriations Act Internal Revenue Code (IRC) Investment Tax Credits Production Tax Credit Renewable Energy Solar Energy Wind Power

Key Energy-Related Tax Provisions in the 2017 Budget Proposal

Key Energy-Related Tax Provisions in the 2017 Budget Proposal - As in previous proposed budgets, President Obama’s recently released budget proposal for the 2017 fiscal year contains energy-related tax provisions that...more

2/23/2016 - Barack Obama Federal Budget Investment Tax Credits ITC New Market Tax Credits Oil & Gas Production Tax Credit Renewable Energy Research and Development Solar Energy Tax Credits

What Must Be Done for Wind and Solar Projects to Have “Begun Construction” under the New PTC and ITC?

With the recent extension of the federal income tax credits available for renewable energy projects, practitioners and industry participants have raised questions as to how the “begun construction” rules will apply under...more

2/8/2016 - Begun Construction Test Investment Tax Credits IRS Production Tax Credit Renewable Energy Incentives Solar Energy Wind Power

Extension of Renewable Energy Tax Incentives

On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act), which included welcomed extensions to a number of energy tax incentives....more

12/24/2015 - Oil & Gas Production Tax Credit Renewable Energy Solar Energy Tax Credits Wind Power

IRS Confirms that Flip Partnership Guidelines Do Not Apply to Solar Projects

The IRS has advised that the flip partnership guidelines under Rev. Proc. 2007-65, 2007-2 C.B. 967, do not apply to solar facilities or other projects claiming the Section 48 investment tax credit (ITC). The statement, made...more

7/1/2015 - Capital Contributions Energy Projects Investment Tax Credits IRS Solar Energy Solar Farm

IRS Issues Additional Guidance on Beginning of Construction Rules for Renewable Projects

The Internal Revenue Service (IRS) issued Notice 2015-25 (Notice) on March 11, 2015, to provide further guidance on meeting the beginning of construction requirements for wind and other qualified facilities (biomass,...more

3/23/2015 - Construction Project Energy Projects Energy Sector Guidance Update Investment Tax Credits IRS Production Tax Credit Renewable Energy

Key Energy-Related Tax Provisions in the 2016 Budget Proposal

In This Issue: - Modify and Permanently Extend the Production Tax Credit - Enhance and Make Permanent the Research and Experimentation Tax Credit - Provide Carbon Dioxide Investment and Sequestration Tax...more

2/18/2015 - Appropriation Energy Sector Federal Budget New Market Tax Credits Production Tax Credit Research and Experiment Tax Credit Sequestration

Proposed Regulations Clarify Definition of “Real Property” for Real Estate Investment Trusts

On May 9, 2014, the Internal Revenue Service and U.S. Department of the Treasury issued proposed regulations (the Proposed Regulations) under Section 856 of the Internal Revenue Code (the Code) to clarify the definition of...more

5/23/2014 - Business Assets C-Corporation IRS Private Letter Rulings Proposed Regulation Real Estate Investments REIT U.S. Treasury

IRS Lacks Authority to Issue and Enforce Tax Return Preparer Regulations

On February 11, 2014, the U.S. Court of Appeals for the District of Columbia upheld the decision of the District Court for the District of Columbia, affirming that the Internal Revenue Service (IRS) lacked the authority to...more

2/21/2014 - IRS Tax Preparers Tax Returns

Senate Finance Committee Tax Reform Proposal Streamlines Energy Tax Credits

On December 18, 2013, Senate Finance Committee Chairman Max Baucus (D-MT) released a proposal that would streamline energy tax incentives to make them more predictable and technology neutral. The proposal would consolidate...more

2/7/2014 - Carbon Capture and Sequestration Clean Energy Coal Energy Energy Tax Incentives EPA Greenhouse Gas Emissions Internal Revenue Code (IRC) Investment Tax Credits Nuclear Power Production Tax Credit Tax Reform Utilities Sector Wind Power

Section 752 Proposed Regulations Regarding Partnership Recourse Liabilities and Rules for Related Persons

On December 13, 2013, the Internal Revenue Service and U.S. Department of the Treasury issued proposed regulations under Section 752 regarding recourse liabilities of a partnership and the special rules for related persons...more

1/28/2014 - IRS Partnerships Proposed Regulation U.S. Treasury

Safe Harbors for Rehabilitation Tax Credits

On December 30, 2013, the Internal Revenue Service issued much anticipated guidance, in the form of Revenue Procedure 2014-12, providing a safe harbor under which it will not challenge a partnership’s allocations of...more

1/16/2014 - IRS Rehabilitation Benefits Safe Harbors Tax Credits

IRS Issues Additional Guidance on When Construction Begins for Purposes of Production Tax Credit, Investment Tax Credit

The Internal Revenue Service (IRS) has issued additional guidance relating to when construction begins with respect to wind and other qualified facilities for purposes of the production tax credit and investment tax credit. ...more

9/26/2013 - Investment Tax Credits IRS Production Tax Credit Renewable Energy Safe Harbors Wind Power

IRS Issues Notice to Determine When Construction Begins for Purposes of Production Tax Credit, Investment Tax Credit

The Internal Revenue Service (IRS) has issued important guidance to determine when construction begins with respect to a qualified facility for purposes of the production tax credit and the investment tax credit for certain...more

4/23/2013 - Investment Tax Credits IRS Production Tax Credit Safe Harbors Tax Credits

Key Energy-Related Tax Provisions in the 2014 Budget Proposal

President Obama’s recently released budget proposal for the 2014 fiscal year contains energy-related tax provisions that include a permanent extension of the renewable energy production tax credit (PTC) and a provision making...more

4/23/2013 - Derivatives Energy Tax Incentives Federal Budget Investment Tax Credits New Market Tax Credits Production Tax Credit Tax Credits

District Court Holds IRS Lacks Authority to Issue and Enforce Tax Return Preparer Regulations

On January 18, 2013, the District Court for the District of Columbia held that the Internal Revenue Service lacked the authority to issue and enforce the tax return preparer regulations that it issued in 2011 and permanently...more

1/24/2013 - Enforcement IRS Lack of Authority Permanent Injunctions Tax Preparers

Key Energy Tax Provisions Included in ‘Fiscal Cliff’ Legislation

On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 to address the tax rate hikes and expiring tax incentives to avert the “fiscal cliff.” President Obama signed the legislation into law on January...more

1/4/2013 - American Taxpayer Relief Act Fiscal Cliff Investment Tax Credits New Market Tax Credits Production Tax Credit Renewable Energy Wind Power

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