On September 12, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued long-awaited proposed regulations (89 FR 75062) (the “Proposed Regulations”) on the application of the...more
On April 25, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (T.D. 9993) (the “Final Transfer Regulations”) regarding the transfer election for...more
On March 5, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (the “Final Direct Pay Regulations”) regarding the direct pay election for certain tax...more
On December 14, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) providing additional guidance to taxpayers on the advanced...more
On November 17, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations [REG-132569-17] regarding the definition of “energy property” and related rules...more
On August 29, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued proposed regulations (the “Proposed Regulations”) providing proposed rules governing the prevailing wage and...more
9/6/2023
/ Apprenticeships ,
Davis-Bacon Act ,
Energy Projects ,
Energy Sector ,
Federal Contractors ,
Good Faith ,
Inflation Reduction Act (IRA) ,
IRS ,
Labor Regulations ,
Prevailing Wages ,
Proposed Regulation ,
Recordkeeping Requirements ,
SAM ,
Tax Credits ,
U.S. Treasury ,
Wage Determinations (WDs)
It’s the largest climate legislation in US history, with many complex provisions. But let’s start with the big picture: A year on from the Inflation Reduction Act becoming law, is it living up to its promise?...more
8/17/2023
/ Clean Energy ,
Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
Tax Exemptions ,
U.S. Treasury
Taxpayers have anxiously been awaiting clarity on energy community status based on the 2022 unemployment rates to establish location in an energy community through metropolitan statistical area (“MSA”) or non-metropolitan...more
On June 14, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations and temporary regulations regarding the direct pay election1 for certain tax credits...more
On June 14, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed and temporary regulations regarding the transfer elections for certain tax credits available...more
In a surprising release, on November 29, 2022, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Notice 2022-61 (the “Notice”) providing initial guidance on the prevailing...more
Attorneys from our Employment, Labor and OSHA (ELO) and Tax Groups will discuss the prevailing wage and apprenticeship requirements in the Inflation Reduction Act. Topics will include the requirements necessary to obtain tax...more
The Inflation Reduction Act of 2022 (IRA) represents one of the most sweeping pieces of climate policy legislation ever enacted in the United States. While the final impact of the IRA remains to be seen, we expect there will...more
On August 12, 2022 – a little over two weeks after the legislation was announced and five days after it passed the Senate – the House passed the historic Inflation Reduction Act of 2022 (the “Act”). While the legislation...more
On July 27, 2022, Senators Manchin (D-WV) and Schumer (D-NY) debuted the Inflation Reduction Act of 2022, a piece of legislation that, if enacted, would be a historic investment in climate policy as well as a down payment on...more
8/2/2022
/ Clean Energy ,
Climate Change ,
Continuing Legal Education ,
Deficit Reduction ,
Energy Projects ,
Energy Sector ,
Environmental Policies ,
Proposed Legislation ,
Renewable Energy ,
Tax Credits ,
Webinars
On July 27, 2022, only a few hours after the Senate approved a bipartisan semiconductor and technology package, Senator Manchin made a stunning and well-timed reversal of his prior position and confirmed his support for...more
Early on December 11, 2021, the Senate Finance Committee released its version of the Build Back Better Act (the “Act”). While the Senate Finance Committee version of the Act largely replicates the clean energy proposals...more
Early on November 19, 2021, the House passed H.R. 5376, the Build Back Better Act (the “Act”) along partisan lines. Passage came after the Congressional Budget Office released projections on the overall net cost of the...more
Faced with opposition from within his own party, President Biden last week unveiled a new, pared down framework for his “Build Back Better” agenda. Following release of the president’s framework, H.R. 5376 (the “Build Back...more
11/3/2021
/ Biden Administration ,
Carbon Capture and Sequestration ,
Clean Energy ,
Clean Fuels Program (CFP) ,
Energy Policy ,
Hydrogen Power ,
Investment ,
Investment Tax Credits ,
Legislative Agendas ,
Nuclear Power ,
Popular ,
Power Infrastructure ,
Production Tax Credit ,
Proposed Legislation ,
Regulatory Agenda ,
Tax Credits ,
Tax Planning ,
Tax Reform ,
Zero Emission Credits
I. Introduction -
This research updates last year’s report entitled, “Clean Energy IPOs and SPAC Combinations” published in August of 2020. While investments in “energy transition,” “clean energy” or with an “ESG focus”...more
I. Introduction -
Renewable energy development and the “energy evolution” continue to make a splash in energy infrastructure, legislation, and investment. And, among renewable energy technologies, offshore wind may be set...more
9/7/2021
/ Clean Energy ,
Energy Policy ,
Energy Projects ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
Offshore Wind ,
Power Grid ,
Power Infrastructure ,
Production Tax Credit ,
Renewable Energy ,
Wind Power
The IRS published Revenue Ruling 2021-13 on July 1, 2021, addressing a series of issues on the Section 45Q tax credit for carbon capture projects. Specifically, the Revenue Ruling focuses on a methanol plant and tackles...more
On June 29, 2021, the Internal Revenue Service (“IRS”) issued IRS Notice 2021-41 (the “Notice”), which extends the “Continuity Safe Harbor” for renewable energy projects that qualify for production tax credits under Section...more
Key Takeaways:
•In an effort to spur investment in renewable energy projects, Congress and the Biden Administration are considering “direct pay” options-
•Direct pay would allow project developers to receive tax...more
Yesterday, Treasury and the IRS issued final regulations on the expanded carbon capture tax credit implementing a number of welcome changes and clarifications to the proposed regulations. Key changes are generally...more