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ASKramer Law

Energy Tax Credits for a New World Part VII: Low-Income Communities Bonus Credits

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What is the Low-Income Communities Bonus Credit? The Low-Income Communities Bonus Credit available through the Inflation Reduction Act of 2022 (IRA) is designed to increase the siting of, and access to renewable energy...more

ASKramer Law

Energy Tax Credits For A New World Part III: Overview of Bonus Credits

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Why did the Inflation Reduction Act (IRA) reduce the base amounts of the energy tax credits? The IRA reduced base credit amounts from their pre-IRA levels to encourage energy projects to meet Congressional policy objectives....more

ASKramer Law

Energy Tax Credits for a New World Part II: Production Tax Credits and Investment Tax Credits: The Old and the New

ASKramer Law on

What is a Production Tax Credit (PTC)? A Production Tax Credit (PTC) is a per kilowatt-hour (kWh) tax credit for electricity generated by solar and other qualifying clean technologies for the first 10 years of a system’s...more

Morgan Lewis

Elective Safe Harbor Released for IRA Domestic Content Tax Credit ‘Adder’

Morgan Lewis on

The US Department of Treasury and the IRS on May 16 released Notice 2024-41, which provides a new elective safe harbor that taxpayers may use to qualify for the domestic content bonus credit amount under Sections 45, 45Y, 48,...more

Allen Matkins

Renewable Energy Update 5.07.24

Allen Matkins on

Governor Gavin Newsom said on April 25 that California continued to rapidly add the battery storage that is crucial to the transition to cleaner energy, but admitted it was still not enough to avoid blackouts during heat...more

Allen Matkins

Renewable Energy Update 3.07.24

Allen Matkins on

The U.S. Department of the Treasury and IRS have released final rules on Inflation Reduction Act provisions that aim to expand the reach of the clean energy tax credits. The Act created the new elective pay and...more

Mayer Brown

Proposed Regulations on Section 45X Advanced Manufacturing Production Tax Credit

Mayer Brown on

On December 14, 2023, the Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released proposed regulations to implement the Section 45X advanced manufacturing production credit established by the...more

Troutman Pepper

IRS Issues Proposed Guidance on Advanced Manufacturing Production Tax Credit Under IRA

Troutman Pepper on

On December 14, the Department of the Treasury and the Internal Revenue Service (IRS), issued proposed regulations providing guidance on the Advanced Manufacturing Production Credit (Section 45X Credit), established by the...more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release Proposed Regulations on Section 45X Advanced Manufacturing Credit

On December 15, 2023, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a notice of proposed rulemaking (the Proposed Regulations) regarding the advanced manufacturing production...more

A&O Shearman

Inflation Reduction Act: New Guidance on Section 45X Manufacturing Tax Credits

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On December 14, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released proposed regulation [REG-107423-23] to provide guidance on the manufacturing tax credit requirements under...more

Holland & Knight LLP

An In-Depth Look at Section 45X Proposed Regulations

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The U.S. Department of the Treasury and IRS on Dec. 14, 2023, released Proposed Regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code. (See Holland& Knight's previous...more

Flaster Greenberg PC

Airport Electrification – Latest IRS Guidance

Flaster Greenberg PC on

The Department of the Treasury and Internal Revenue Service continue to issue guidance regarding the Inflation Reduction Act of 2022 (IRA), which modified and extended the clean energy investment tax credit (ITC) under...more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release Long-Awaited Proposed Regulations on Section 48 Investment Tax Credits

On November 17, 2023, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a notice of proposed rulemaking (the Proposed Regulations) regarding the investment tax credit (ITC) under...more

King & Spalding

IRS and Treasury Issue Section 48 Investment Tax Credit Proposed Regulations

King & Spalding on

Section 48 of the Internal Revenue Code of 1986, as amended (the “Code”) provides for an investment tax credit (“ITC”) for certain energy property. The Inflation Reduction Act of 2022 (the “IRA”) amended Section 48 in several...more

Morgan Lewis

Treasury and IRS Publish Long-Awaited Guidance on Renewable Energy Investment Tax Credit

Morgan Lewis on

The US Internal Revenue Service (IRS) and US Department of the Treasury (Treasury) released proposed regulations on November 17, 2023 addressing the investment tax credit (ITC) for renewable energy and energy storage...more

Akerman LLP

October 19 – First Day to Submit Applications to the Low-Income Community Bonus Tax Credit Program

Akerman LLP on

The DOE Portal for submitting applications to the "Low-Income Communities Bonus Credit Program" for all four facility categories opens on October 19, 2023, at 9:00 am ET. All applications received by November 18 at midnight...more

DarrowEverett LLP

What IRS’s Low-Income Adder Guidance Means For Renewables Projects

DarrowEverett LLP on

The Inflation Reduction Act of 2022 (the “Act”) breathed new life into the tax scheme for renewable energy projects, creating a new base tax credit with a series of adders that can significantly increase viability of projects...more

Bracewell LLP

Treasury Department and IRS Issue Additional Guidance on the New Low-Income Communities Bonus Credit Program

Bracewell LLP on

The low-income communities bonus credit (the LIC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for certain wind and solar facilities located in designated...more

Allen Matkins

Renewable Energy Update - 6.23.23 #4

Allen Matkins on

The Biden administration on June 15 announced a proposed new rule that would aim to speed the development of renewable energy on public lands. The rule would cut fees for solar and wind development on public lands by 80%,...more

Wilson Sonsini Goodrich & Rosati

IRS Releases New Proposed Rules for the Low-Income Communities Bonus Credit for the Investment Tax Credit

On May 31, 2023, the Department of Treasury (Treasury) and Internal Revenue Service (IRS) released proposed rules that set forth application and eligibility criteria for the low-income communities bonus credit investment...more

Latham & Watkins LLP

IRS Issues Initial Rules for Domestic Content Bonus Tax Credits

Latham & Watkins LLP on

IRS Notice explains how a renewable energy project may qualify for bonus tax credits by using American-made components. Key Points: ..All project components made primarily of steel or iron that perform a structural...more

Holland & Knight LLP

Break Out Your Calculator: IRS Releases Domestic Content Bonus Credit Guidance

Holland & Knight LLP on

Following the release of energy community bonus credit and low-income community bonus credit guidance, the U.S. Department of the Treasury and IRS recently provided taxpayers with the domestic content bonus credit guidance....more

Bracewell LLP

Treasury Department and IRS Release Initial Guidance on the New Low-Income Communities Bonus Credit Program

Bracewell LLP on

The low-income communities bonus credit (the LIC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for renewable energy projects located in designated low-income...more

Locke Lord LLP

New IRS and Treasury Guidance on ‎Energy Community Bonus ‎Tax Credits Leaves as Many ‎Questions as ‎it Answers

Locke Lord LLP on

On April 4, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (“IRS”) published Notice 2023-29, Energy Community Bonus Credit Amounts under the Inflation Reduction Act of 2022 (“the Notice”),...more

Stoel Rives LLP

Treasury Issues Low-Income Communities Solar and Wind Credit Guidance

Stoel Rives LLP on

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

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