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Sequestration Internal Revenue Code (IRC)

Sequestration is a budget technique characterized by the implementation of automatic mandatory spending cuts if deficit levels exceed a certain threshold. The Budget Control Act of 2011 utilized sequestration to... more +
Sequestration is a budget technique characterized by the implementation of automatic mandatory spending cuts if deficit levels exceed a certain threshold. The Budget Control Act of 2011 utilized sequestration to encourage Congress to cut federal spending by 1.2 billion dollars. If Congress fails to make the specified funding cuts, sequestration will kick in and  automatic cuts will be made to the federal budget. A good portion of the slated cuts will come from the national security budget.  less -
Bracewell LLP

FY 2021 Sequestration Reduction Rate for Direct Pay Tax Credit Bonds Set at 5.7%

Bracewell LLP on

According to the IRS website, the sequester reduction rate applied to payments made to issuers of direct pay tax credit bonds in fiscal year 2021 will be 5.7 percent. This percentage will apply to all subsidy payments...more

Stoel Rives LLP

Coming Attractions: Section 45Q Carbon Sequestration Guidance, Part II

Stoel Rives LLP on

The IRS’s much anticipated new guidance for Section 45Q carbon sequestration tax credits was rather anticlimactic in that it focused on just two of the many issues for which the IRS had solicited comments in May 2019. Largely...more

McGuireWoods LLP

Carbon Sequestration Tax Credits - IRS Requests Comment on Section 45Q Regulations

McGuireWoods LLP on

In February 2018, the tax credit for carbon capture and sequestration under Section 45Q of the Internal Revenue Code (the carbon sequestration credit) received a significant boost from Congress in the Bipartisan Budget Act of...more

Eversheds Sutherland (US) LLP

IRS requests comments on section 45Q carbon sequestration credit in Notice 2019-32

On May 2, 2019, the Internal Revenue Service (IRS) released Notice 2019-32 (Notice) requesting comments on anticipated regulations and other guidance under section 45Q of the Internal Revenue Code. Section 45Q was originally...more

Bracewell LLP

FY 2019 Sequestration Reduction Rate for Direct Pay Tax Credit Bonds Set at 6.2 Percent

Bracewell LLP on

According to the IRS website, the sequester reduction rate applied to payments made to issuers of direct pay tax credit bonds in fiscal year 2019 will be 6.2 percent. This percentage will apply to all subsidy payments...more

Miller Canfield

State and local governments continue to see a reduction in credits available for Direct Pay Bonds

Miller Canfield on

As a result of federal sequestration, state and local governments who have issued certain direct pay bonds have seen a reduction in tax subsidy payments since March 1, 2013. Sequestration is a result of Congress’ failure to...more

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