On June 25, 2024, the Internal Revenue Service and U.S. Department of Treasury published final Treasury Regulations (“Final Regulations”) in the Federal Register on the prevailing wage and registered apprenticeship...more
On May 16, 2024, the IRS released Notice 2024-41, which modifies the previously issued Notice 2023-38, to provide a new safe harbor for qualifying for the “domestic content” addition to the federal production or investment...more
On April 25, 2024, the IRS and US Treasury Department issued the final regulations under Section 6418 of the Code, the provision that allows sales of certain tax credits, including credits for renewable energy production and...more
Section 6418 of the Internal Revenue Code (as added by the Inflation Reduction Act of 2022) allows an eligible taxpayer that qualifies for certain clean energy tax credits, including investment tax credits and production tax...more
2/19/2024
/ Clean Energy ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Partnerships ,
Passive Investments ,
Production Tax Credit ,
Proposed Regulation ,
Tax Credits ,
Tax Registration Numbers ,
Third-Party
On Wednesday, June 14, 2023, the Internal Revenue Service (IRS) and U.S. Department of Treasury (Treasury) issued proposed Treasury Regulations on the elective payment of certain tax credits (also known as direct pay) under...more
6/20/2023
/ Energy Projects ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Renewable Energy ,
S-Corporation ,
Tax Credits ,
Tax Exemptions ,
Tax Liability ,
Tax Returns ,
U.S. Treasury
Today, the President signed the Inflation Reduction Act (the “Act”), a broad bill that targets health care costs, taxes for large companies, overall deficit reduction, and climate change, into law. The law includes many...more
On July 1, 2021, the IRS issued Revenue Ruling 2021-13, allowing taxpayers that claim the carbon capture tax credit under Section 45Q to own part (but not all) of the carbon capture equipment. This important ruling clears the...more
In response to continuing delays caused by the Covid-19 pandemic, the IRS issued Notice 2021-41 (the “Notice”) on June 29, 2021. The Notice provides relief for renewable energy projects that began construction between 2016...more
As the 117th Congress works to enact legislation implementing President Biden’s “Build Back Better Recovery Plan,” extending and expanding current renewable energy tax incentives will be an integral part of the discussion....more
4/1/2021
/ Biden Administration ,
Carbon Capture and Sequestration ,
Energy Projects ,
Energy Sector ,
Investment ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
Tax Equity
On January 19, 2021, the IRS released Notice 2021-10 to provide a number of extensions related to Opportunity Zone investments. These extend the extension granted in Notice 2020-39. Specifically, the following extensions...more
On June 4, 2020, the IRS released Notice 2020-39 to provide a number of extensions related to Opportunity Zone investments. These supersede the extension granted in Notice 2020-23. Specifically, the following extensions...more
On February 19, 2020, the IRS issued two guidance items concerning the tax credit for carbon oxide sequestration (COS) under section 45Q: Notice 2020-12 and Revenue Procedure 2020-12. The new guidance is very similar to IRS...more
3/3/2020
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Projects ,
Greenhouse Gas Emissions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
New Guidance ,
Partnerships ,
Revenue Procedures ,
Safe Harbors ,
Tax Credits ,
Tax Planning
On December 20, 2019, the Treasury Department and Internal Revenue Service issued final regulations on “opportunity zones” and these regulations are scheduled to be published by the Federal Register on January 13, 2020. This...more
The Treasury Department and Internal Revenue Service issued a second set of proposed regulations on the new “opportunity zone” tax incentive on April 17, 2019. This tax incentive encourages investment in certain distressed...more
The Treasury Department and Internal Revenue Service issued proposed regulations and other guidance on the new "opportunity zone" tax incentive on October 19, 2018. This tax incentive encourages investment in certain...more
10/29/2018
/ Capital Gains ,
Economic Development ,
Financial Statements ,
Income Taxes ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Partnerships ,
Proposed Regulation ,
S-Corporation ,
Tangible Property ,
Tax Incentives ,
U.S. Treasury