News & Analysis as of

Environmental Protection Agency (EPA) Internal Revenue Code (IRC)

Eversheds Sutherland (US) LLP

IRS releases Notice 2024-60 outlining procedures for submission of greenhouse gas lifecycle analysis report in support of Section...

On July 24, 2024, the IRS issued Notice 2024-60, which sets forth the procedures for taxpayers to follow when claiming Section 45Q credits based on the “utilization” of carbon oxide. Taxpayers claiming credits based on...more

King & Spalding

Guidance on Section 45V Clean Hydrogen Production Tax Credit

King & Spalding on

The trajectory of the hydrogen sector in the United States hinges on a critical question: what criteria will be used to define the term “clean hydrogen” for tax purposes? As previously outlined in our Field Guide to Clean...more

Holland & Knight LLP

Breaking Down the Section 45V Clean Hydrogen PTC Proposed Regulations

Holland & Knight LLP on

The U.S. Department of the Treasury and the IRS on Dec. 22, 2023, released proposed regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the...more

Holland & Knight LLP

IRS, Treasury Department Release New Section 40B Sustainable Aviation Fuel Credit Guidance

Holland & Knight LLP on

The IRS and U.S. Department of the Treasury released on Dec. 15, 2023, Notice 2024-06 regarding Section 40B of the Internal Revenue Code. Effective for fuel mixtures sold or used after Dec. 31, 2022, and before Jan. 1, 2025,...more

Kohrman Jackson & Krantz LLP

Federal Brownfields Incentives Program’s Triumphant Return

On November 16, 2023, Congressman Mike Turner (R-OH-10) and Mikie Sherill (D-NJ-11) reintroduced the bipartisan Brownfields Redevelopment Tax Incentive Reauthorization Act (H.R. 6438) (BRTIRA). BRTIRA is designed to provide...more

Allen Matkins

Renewable Energy Update - 2.16.23 - #3

Allen Matkins on

The Biden administration on Tuesday outlined how states and nonprofit groups can apply for $27 billion in funding from a “green bank” that will provide low-cost financing for projects intended to cut planet-warming greenhouse...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Private Lead Service Line Replacement/Internal Revenue Code: U.S. Senate Legislation Introduced to Allow Issuance of Tax-Exempt...

Seven United States Senators introduced legislation titled: Financing Lead Out of Water Act of 2022 (“Flow Act”)...more

(ACOEL) | American College of Environmental...

Superfund $$ Lives on – to 2031 at least!

We’ve all read about the recent reinstatement of the taxes that fund the Comprehensive Environment Response, Compensation, and Liability Act (CERCLA). The new taxes are hitting the books as of July 1, 2022....more

Foley & Lardner LLP

The Infrastructure Investment and Jobs Act Reinstates the Superfund Tax, Starting July 1, 2022

Foley & Lardner LLP on

The Infrastructure Investment and Jobs Act, signed at the end of 2021, reinstates the Superfund chemical excise taxes under Sections 4661 and 4671 of the Internal Revenue Code. These taxes were in place until 1995 to fund the...more

Pillsbury Winthrop Shaw Pittman LLP

CEAA and GREEN Act Present Competing Frameworks for Energy Tax Credits

As compared to the GREEN Act and other recent proposals, the Clean Energy for America Act would create a more fundamental shift in energy tax credits. Policymakers will need to weigh the benefits of far-reaching changes...more

Bracewell LLP

2020 Post-Election Analysis: Issue by Issue

Bracewell LLP on

FIRST 100 DAYS - As President-elect Biden stands poised to assume the office he has aspired to for the past three decades, he inherits a national crisis not unlike the one he stepped into as vice president nearly 12 years...more

Perkins Coie

Proposed Regulations Increase Incentives for Carbon Capture Technology

Perkins Coie on

The Internal Revenue Service on May 28, 2020, introduced proposed regulations detailing how companies can qualify for carbon capture tax credits under Section 45Q of the Internal Revenue Code. The proposed regulations reflect...more

Bracewell LLP

Treasury and the IRS Fuel Taxpayers' Confidence Regarding Section 45Q Credits following Call for Suspension of the Credits

Bracewell LLP on

On May 28, 2020, the Department of Treasury and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) under Section 45Q of the Internal Revenue Code (Section 45Q) for the capture, utilization...more

Morgan Lewis

IRS Releases Proposed Regulations for Carbon Sequestration Tax Credit

Morgan Lewis on

The proposed regulations, released on May 28 and on which taxpayers may currently rely pending finalization, build on prior guidance for carbon capture and sequestration tax credits under Section 45Q of the Internal Revenue...more

Vinson & Elkins LLP

IRS Releases Long-Awaited Carbon Capture Tax Credit Guidance

Vinson & Elkins LLP on

At long last, the IRS has proposed regulations governing expanded tax credits for capturing carbon oxide (CO) before it enters the atmosphere. More than two years ago, Congress expanded tax credits for carbon capture (known...more

McDermott Will & Emery

IRC 45Q Credit Under IRS Scrutiny: Government Finds Majority of Carbon Oxide Credits Improperly Claimed

In response to a series of questions posed in a November 2019 letter from Senator Menendez (D-NJ), the Treasury Inspector General for Tax Administration (TIGTA) issued a letter on April 15, 2020, analyzing carbon oxide...more

BakerHostetler

New Tax Law Will Shape Future Environmental Settlements

BakerHostetler on

A minor provision concerning deductibility in Public Law 115-97, commonly known as the Tax Cuts and Jobs Act (Act), may have significant impacts on administrative and judicial settlements between companies and the U.S....more

Mintz - ML Strategies

Energy & Environment Update - July 2015 #3

Mintz - ML Strategies on

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

McDermott Will & Emery

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

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