The U.S. Department of the Treasury (Treasury) today released Notice 2024-41, Domestic Content Bonus Credit Amounts under the Inflation Reduction Act of 2022: Expansion of Applicable Projects for Safe Harbor in Notice 2023-38...more
5/17/2024
/ Energy Projects ,
Energy Sector ,
Energy Tax Incentives ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Renewable Energy ,
Renewable Energy Incentives ,
Safe Harbors ,
Tax Credits ,
U.S. Treasury
Beginning with taxes levied for collection in 2025, a newly enacted Washington property tax statute provides an exemption from the state-imposed portion of personal property tax for qualified personal property used for the...more
The U.S. Department of the Treasury (Treasury Department) recently released a notice of proposed rulemaking regarding four significant aspects of the investment tax credit (ITC) under Section 48 of the Internal Revenue Code...more
The U.S. Department of the Treasury (Treasury) today released a notice of proposed rulemaking (Proposed Regulations) related to the prevailing wage and apprenticeship (PWA) requirements for increased tax credits established...more
8/31/2023
/ Apprenticeships ,
Davis-Bacon Act ,
Department of Labor (DOL) ,
Energy Projects ,
Energy Tax Incentives ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Prevailing Wages ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The Salem City Council on July 11, 2023, approved Ordinance Bill No. 12-23, which imposes a new payroll and self-employment tax to fund community safety services. The ordinance imposes tax at a rate of 0.814 percent of an...more
The U.S. Department of the Treasury (Treasury) earlier this week issued two notices of proposed rulemaking (the Proposed Regulations) related to the election to transfer certain tax credits (the Tax Credit Transfer Election)...more
The U.S. Department of the Treasury (Treasury) earlier this week issued a notice of proposed rulemaking regarding the up to 20 percentage point additional investment tax credit (ITC) for certain solar and wind facilities...more
6/5/2023
/ Clean Energy ,
Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Renewable Energy Incentives ,
Solar Energy ,
Solar Farm ,
Tax Credits ,
U.S. Treasury ,
Wind Farm ,
Wind Power
The U.S. Department of the Treasury earlier today released Notice 2023-38, Domestic Content Bonus Credit Guidance under Sections 45, 45Y, 48, and 48E (the Notice). The Notice indicates that the Treasury Department and the IRS...more
The U.S. Department of the Treasury earlier today released Internal Revenue Service (IRS) Notice 2023-29, Energy Community Bonus Credit Amounts under the Inflation Reduction Act of 2022 (the Notice). The Notice indicates...more
On February 13, 2023, the U.S. Department of the Treasury released Internal Revenue Service (IRS) Notice 2023-18, Initial Guidance Establishing Qualifying Advanced Energy Project Credit Allocation Program Under Internal...more
The U.S. Department of the Treasury yesterday released Internal Revenue Service Notice 2023-17, Initial Guidance Establishing Program to Allocate Environmental Justice Solar and Wind Capacity Limitation under Internal Revenue...more
Effective January 1, 2022, Washington imposes an excise tax on an individual’s long-term capital gains from the sale of stock, bonds, and other assets exceeding $250,000 if the assets were located in Washington at the time of...more
The Department of the Treasury yesterday published a correction to Notice 2022-61 (the Notice), which contains guidance related to the prevailing wage and apprenticeship requirements applicable to the production tax credit...more
President Biden earlier this week signed the Inflation Reduction Act of 2022 (Act), which contains a number of tax and spending provisions impacting a broad range of businesses and individuals. These changes include a 15%...more
On July 27, Senate Democrats released the draft text of the Inflation Reduction Act of 2022 (the Act). The Act includes a number of climate and energy-related provisions similar to those that were included in the Build Back...more
On May 4, 2021, Governor Jay Inslee signed into law Senate Bill (SB) 5096, a bill creating a new Washington state excise tax on the sale or exchange of certain capital assets....more
The recently enacted Consolidated Appropriations Act, 2021 (Act) contains a wide range of tax, appropriations, and other provisions, including pandemic-specific provisions and extensions of provisions in the Coronavirus Aid,...more
1/8/2021
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employer Liability Issues ,
Financial Stimulus ,
Human Resources Professionals ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Sick Leave ,
Small Business
The IRS recently issued Notice 2021-05, which provides relief for offshore projects and projects located on federal land related to the beginning-of-construction requirements for the production tax credit under Section 45 of...more
Congress yesterday passed the “Consolidated Appropriations Act, 2021” (the “Bill”), which, among many other things, extends several energy-related tax provisions, including the production tax credit (“PTC”) under Section 45...more
Portland-area voters approved a number of new local taxes in the November 3 election. These new taxes, together with previously enacted taxes that either have become effective or will become effective in 2021, will...more
The IRS today issued Notice 2020-41, which modifies prior notices regarding the beginning-of-construction requirement for qualifying for the production tax credit under Section 45 of the Code (“PTC”) and the investment tax...more
The United States Court of Appeals for the Federal Circuit yesterday issued its decision in California Ridge Wind Energy LLC, Invenergy Wind LLC, and Bishop Hill Energy LLC v. United States, the consolidated appeal of two...more
The IRS today issued Notice 2020-32 (the Notice) relating to the deductibility for federal income tax purposes of certain otherwise deductible expenses related to amounts received pursuant to the Paycheck Protection Program...more
The Oregon Department of Revenue on April 27, 2020 proposed a new rule that increases – for 2020 only – the threshold for required estimated payments of the Oregon corporate activity tax (CAT) from $5,000 to $10,000....more
In addition to the recently enacted federal tax legislation intended to provide relief to taxpayers who are struggling in the wake of COVID-19, states are also enacting legislation and policies to aid taxpayers through a...more