Energy & Utilities Tax

Read need-to-know updates, commentary, and analysis on Energy & Utilities issues written by leading professionals.
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Energy Legislation Gains Momentum: Bills Pass House and Senate Committees

After much anticipation, both the House and the Senate Committees passed their long awaited energy bills. Much is covered in the two packages, and many amendments have been tabled for when the bills hit the floor in the fall....more

Iowa Modifies its Renewable Energy Tax Credit Regime

The governor of Iowa has signed into law House File 645 (the “Act”) modifying statutory provisions related to Iowa’s renewable energy tax credits, effective June 26, 2015. There are four primary changes, three of which are...more

Tax Policy Update

First it was three years, now it’s three months. The Senate’s attempt to pass a multiyear highway bill ran off the road this week after House Republicans announced they will adjourn one day early for the month-long August...more

Michigan Supreme Court Approves Partial Use Tax Exemption for Transmission and Distribution Equipment

The Michigan Supreme Court held that an electric utility’s transmission and distribution equipment used for both taxable and exempt purposes qualifies for a partial sales and use tax exemption. See Detroit Edison Co. v. Dept....more

Senate Finance Committee Approves Energy Tax Provisions—LNG Is A Winner

On July 21, the Senate Finance Committee approved by a vote of 23 to 3 a bipartisan tax bill to renew for two years more than 50 expiring and expired tax provisions known as “tax extenders.” The provisions that are being...more

Renewable Energy Update - July 2015 #3

Renewable Energy Focus - Senate committee backs PTC extension: ReNews - Jul 22: A U.S. Senate committee has voted to extend more than 50 tax policies, including production and investment tax credits that incentivize wind...more

UK Government Announces Further Shake-up to RO and FIT Regime for Solar PV

Following the closure of the RO regime to new solar ground mounted projects with a capacity of more than 5MW which were commissioned after 31 March 2015, the government has today announced a further shake-up of the subsidy...more

IRS Establishes 80% Threshold for Energy Companies to Apply When Determining Whether “Substantially All” of a Major Component Has...

On July 6, the Internal Revenue Service (IRS) Large Business and International Division issued a Directive1 to IRS agents regarding how to determine when a major component pertaining to steam or electric generation property...more

Tax Policy Update

The amount by which Sen. Mark Warner (D-VA) said he wanted to reduce, or “haircut,” all of the 50-plus tax provisions known as extenders. Warner accurately predicted that his Senate Finance Committee colleagues wanted to keep...more

Small Wind Industry Given Grace Period for Compliance with IRS Engineering Standards

On July 14, the Internal Revenue Service (IRS) published Noticed 2015-51, which postpones the effective date of safety and performance standards mandated by Notice 2015-4. The standards in Notice 2015-4 originally applied to...more

Energy & Environment Update - July 2015 #3

Energy and Climate Debate - With just two or three weeks before the August recess – two for the House, three for the Senate – Congress has a full schedule. The Senate will devote much of this week to the Highway bill,...more

Corporate & Financial Weekly Digest - Volume X, Issue 27

In this issue: - Court of Appeals for Third Circuit Overturns District Court Ruling Regarding Exclusion of Shareholder Proposal From Proxy Statement - FINRA Updates Its Interpretation of the SEC's Financial...more

Spotlight on Louisiana: 2015 Legislative Session Increases Tax Burdens to Balance State Budget

Even though Louisiana's 2015 legislative session has concluded, the dust may be far from settled as to how increases in tax burdens meant to balance the State's budget will impact taxpayers. At least one industry trade...more

Master Limited Partnership Parity Act Reintroduced To House And Senate

On June 24, 2015, the Master Limited Partnership Parity Act (S. 1656) was reintroduced in the House and the Senate. The legislation would provide investors in renewable energy projects with tax breaks that are currently...more

County Waited Too Long to Assess

In Duke Energy Fayette II, LLC v. Fayette County Board of Assessment Appeals, No. 1406 C.D. 2014 (May 28, 2015), the Court found that the Fayette County Board of Assessment Appeals conducted an impermissible spot reassessment...more

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

Australia Reaches Agreement To Tax Biodiesel And Ethanol

On June 17, 2015, the Australian government made a bipartisan agreement to tax Australian-produced biodiesel and ethanol. Cleaner fuel grants for renewable and biobased diesel fuels will end by July 1, 2015, as will the...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Legislature Plans Long Day - Early this past Wednesday morning, the Maine House and Senate...more

Hawai’i Enacts Legislation Creating Community-Based Renewable Energy Program

A law that could significantly expand access to renewable energy generation in Hawai’i through a new community-based renewable energy program was approved by Governor David Ing on June 8, 2015. While the new law is couched in...more

Master Limited Partnerships: Proposed Tax Regulations Scale Back Activities Giving Rise to Qualifying Income

The Treasury Department (Treasury) and the Internal Revenue Service (Service) have issued proposed tax regulations (Proposed Regulations) that provide guidance on, and significantly scale back, the types of activities...more

Publicly Traded Partnership Proposed Regulations

Widely held partnerships are a significant source of funding for oil, gas and certain natural resources projects, but the publicly traded partnership (“PTP”) rules can cause such partnerships to be treated as corporations for...more

IRS Issues Solar Tax Equity Memo Stating the Obvious

On Friday, the IRS issued a heavily redacted Chief Counsel Advice (CCA) memorandum, which addresses the intersection of solar investment tax credit partnership flip transactions and the wind production tax credit partnership...more

Tax Policy Update

NUMBER OF THE WEEK: 15. The number of member nations now under increased scrutiny from European Union regulators who are aggressively hunting for violations of the EU’s “state aid” rules. The possible violations arise from...more

Spot Assessment Stricken

A divided panel of The Commonwealth Court of Pennsylvania held that a reassessment of property upon the expiration of a KOZ abatement was an unlawful spot assessment. Duke Energy Fayette II, LLC v. Fayette County Board of...more

Tax Amnesty Hits the Midwest (and Beyond)

With many state legislatures wrapping up session within the past month or so, there has been a flurry of last-minute tax amnesty legislation passed. Nearly a half-dozen states have authorized upcoming tax amnesty periods....more

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