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Will Treasury Use Energy Tax Credits to Assist PFAS-Impacted Communities?

Proposed tax regulations to be released this year may clarify whether agricultural land contaminated with per- and polyfluoroalkyl substances (PFAS) qualify for a federal tax credit that would incentivize renewable energy...more

Portal Opens for Solar and Wind Low-Income Communities Bonus Tax Credit Applications

The U.S. Department of Treasury, Internal Revenue Service (IRS) and Department of Energy (DOE) announced that the portal for applying for the 2024 low-income communities, or environmental justice, bonus investment tax credit...more

Energy Tax Credits – Final Regulations on Transferability and Guidance on Domestic Content

The Treasury Department and IRS recently issued final regulations on the transfer of certain credits to implement the transferability provisions of the Inflation Reduction Act (IRA), which take effect on July 1, 2024....more

Treasury Issues Long-Awaited Guidance on Transferability and Direct Pay Provisions of IRA

The U.S. Department of the Treasury recently issued its long-awaited guidance on two cash monetization options available for renewable energy projects under the Inflation Reduction Act of 2022 (IRA or Act) – Transferability...more

MADE IN THE USA: IRS Issues Inflation Reduction Act Guidance to Encourage American Manufacturing

On May 12, 2023, the IRS issued guidance on the domestic content bonus requirements under the Inflation Reduction Act of 2022 (IRA) in Notice 2023-38 (the “Guidance”). Although the Guidance comes as a relief for clean...more

Relief Arrives for Renewable Energy Industry - Inflation Reduction Act of 2022

On August 12, 2022, Congress passed the Inflation Reduction Act of 2022 (“Act” or “IRA”), a $400 billion legislative package containing significant tax and other government incentives for the energy industry, in particular...more

Maine Tax Changes Following End of COVID-19 State of Emergency

On June 30, 2021, Maine Revenue Services (MRS) published a Tax Alert describing changes to COVID-19 tax relief programs following the end of Maine’s state of civil emergency, also on June 30. Below is a summary of the key...more

Maine Individual Income Tax Deadline Extended to May 17, 2021

On March 18, 2021, Maine Governor Janet Mills announced that the state will extend the deadline for Maine individual income tax payments from April 15, 2021 to May 17, 2021. The governor’s announcement comes one day after the...more

Breaking: Maine’s Just-Passed Supplemental Budget Conforms on PPP Loans

In the wee hours of the morning, the Maine Legislature passed a compromise FY 2021 supplemental budget. Importantly, the budget fully conforms Maine’s tax treatment of Paycheck Protection Program (PPP) loans to the federal...more

Maine Revenue Issues Additional COVID-19 Income and Sales Tax Guidance

On February 12, 2021, Maine Revenue Services (MRS) issued a tax alert with additional tax guidance for taxpayers impacted by the COVID-19 pandemic....more

Update: Maine Governor Proposes Conformity to Federal Treatment for First $1 Million of PPP Loans

On February 9, 2021, Maine Governor Janet Mills proposed revisions to the supplemental budget that conform to the federal tax treatment of Paycheck Protection Program (PPP) loans for the first $1 million of PPP loan proceeds....more

Maine Governor’s Proposed Supplemental Budget – Federal (Non)Conformity Summarized

Maine Governor Janet Mills submitted a supplemental budget, as amended by a change package submitted on January 25, 2021. The supplemental budget is notable for its retroactive conformity to the Internal Revenue Code (IRC) as...more

Congress Passes New and Additional Business, Tax Relief Measures in COVID-19 Stimulus Bill

On Monday, December 21, Congress enacted a $900 billion stimulus package to support American workers and businesses impacted by COVID-19. This summary provides an overview of the business and tax relief measures contained in...more

COVID-19: New Stimulus Package Includes Sweeping Energy Reforms

Congress voted Monday evening to approve a $900 billion COVID-19 relief package. The package includes clean energy reforms designed to boost research and development, and extends and enhances renewable energy tax credits....more

COVID-19: IRS Issues Guidance on Forgiven PPP Loans; Congress Reacts

In new guidance, the IRS clarified that a taxpayer that received a Paycheck Protection Program (PPP) loan may not deduct expenses if, at the end of the tax year, the taxpayer reasonably expects the PPP loan to be forgiven,...more

Maine Governor Announces COVID-19 Tax Guidance

On October 16, 2020, Maine Governor Janet Mills issued a press release addressing several COVID-19-related tax issues, and Maine Revenue Services today issued guidance providing further details....more

COVID-19: Maine Extends October 15 Corporate Income Tax Filing Deadline

Maine Revenue Services has announced that it has automatically extended the 2019 filing deadline (on extension) for Maine corporate income taxpayers from October 15, 2020 to November 16, 2020....more

COVID-19: Maine Income Tax Does Not Conform to FFCRA and the CARES Act

Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more

COVID-19: SBA Updates PPP Rule to Implement New Flexibility Provisions

On June 11, 2020, the Small Business Administration (SBA) released a revised interim final rule to implement changes made by the Paycheck Protection Program (PPP) Flexibility Act. ...more

IRS Provides Relief on Opportunity Zone Deadlines

On June 4, 2020, in response to the ongoing COVID-19 pandemic, the IRS issued Notice 2020-39 to provide relief regarding various deadlines applicable to the federal opportunity zone program....more

COVID-19: Congress Relaxes Paycheck Protection Program Rules

On Wednesday, June 3, 2020 the U.S. Senate passed House bill 7010, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill, which would provide greater flexibility to PPP loan recipients, is next headed to the...more

U.S. House Passes Bill to Provide Greater Flexibility for PPP Borrowers; Senate to Act Next

On Thursday, May 28, 2020, the U.S. House of Representatives passed H.R. 7010, a bill that would provide businesses greater flexibility in how they spend Paycheck Protection Program (PPP) loan proceeds while still allowing...more

Additional Guidance Issued on PPP Loan Forgiveness, Loan Review Procedures

The Small Business Administration (SBA) recently released two interim final rules to accompany the new Paycheck Protection Program (PPP) Loan Forgiveness Application. ...more

IRS Extends Production Tax Credit/Investment Tax Credit Safe Harbors

On May 27, 2020, the IRS issued Notice 2020-41, which responds to industry-wide supply chain disruptions due to the COVID-19 pandemic by giving renewable energy developers additional time to complete their projects. Most...more

COVID-19: PPP Loan Forgiveness Application Released

The ability to have a Paycheck Protection Program (PPP) loan forgiven is perhaps the most important part of the program—turning a low-interest loan into a grant. ...more

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