On December 14, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) providing additional guidance to taxpayers on the advanced...more
On November 17, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations [REG-132569-17] regarding the definition of “energy property” and related rules...more
On August 29, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued proposed regulations (the “Proposed Regulations”) providing proposed rules governing the prevailing wage and...more
9/6/2023
/ Apprenticeships ,
Davis-Bacon Act ,
Energy Projects ,
Energy Sector ,
Federal Contractors ,
Good Faith ,
Inflation Reduction Act (IRA) ,
IRS ,
Labor Regulations ,
Prevailing Wages ,
Proposed Regulation ,
Recordkeeping Requirements ,
SAM ,
Tax Credits ,
U.S. Treasury ,
Wage Determinations (WDs)
On August 10, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued final regulations (the “Final Regulations”)1 providing additional guidance to taxpayers on the “Low-Income...more
Taxpayers have anxiously been awaiting clarity on energy community status based on the 2022 unemployment rates to establish location in an energy community through metropolitan statistical area (“MSA”) or non-metropolitan...more
On June 14, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations and temporary regulations regarding the direct pay election1 for certain tax credits...more
On June 14, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed and temporary regulations regarding the transfer elections for certain tax credits available...more
On May 31, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Proposed Treasury Regulations 110412-23 (the “Proposed Regulations”), providing additional guidance on...more
On May 31, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Notice 2023-44 (the “Notice”), providing additional guidance on the program established under section...more
On May 12, 2023, the Department of the Treasury (the “Treasury”) and Internal Revenue Service (the “IRS”) issued Notice 2023-38 (the “Notice”), providing guidance on the rules taxpayers must satisfy to qualify for the...more
5/15/2023
/ Buy American Act ,
Domestic Corporations ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Recordkeeping Requirements ,
Steel Industry ,
Supply Chain ,
Tax Credits ,
U.S. Treasury
In what appears to have been an update to previously released guidance, the Department of Treasury (the “Treasury”) and Internal Revenue Service (the “IRS”) posted an unexpected update to Notice 2023-29 (the “Notice”)...more
4/11/2023
/ CERCLA ,
Coal Mines ,
Energy Projects ,
Fossil Fuel ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Recordkeeping Requirements ,
Safe Harbors ,
U.S. Treasury ,
Unemployment
On April 4, 2023, the Department of Treasury (the “Treasury”) and Internal Revenue Service (the “IRS”) issued Notice 2023-29 (the “Notice”) providing guidance on the energy community bonus credit available under sections 45,...more
On March 31, 2023, the Department of Treasury (the “Treasury”) issued Proposed Treasury Regulation 120080-22 (the “Proposed Regulations”) under section 30D of the Internal Revenue Code of 1986, as amended (the “Code”), with...more
On February 13, 2023, the Department of Treasury (the “Treasury”), along with the Internal Revenue Service (the “Service”) and the Department of Energy (the “DOE”), issued Notice 2023-18 (the “Notice”), establishing a program...more
In a surprising release, on November 29, 2022, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Notice 2022-61 (the “Notice”) providing initial guidance on the prevailing...more
Early on December 11, 2021, the Senate Finance Committee released its version of the Build Back Better Act (the “Act”). While the Senate Finance Committee version of the Act largely replicates the clean energy proposals...more
Early on November 19, 2021, the House passed H.R. 5376, the Build Back Better Act (the “Act”) along partisan lines. Passage came after the Congressional Budget Office released projections on the overall net cost of the...more
Faced with opposition from within his own party, President Biden last week unveiled a new, pared down framework for his “Build Back Better” agenda. Following release of the president’s framework, H.R. 5376 (the “Build Back...more
11/3/2021
/ Biden Administration ,
Carbon Capture and Sequestration ,
Clean Energy ,
Clean Fuels Program (CFP) ,
Energy Policy ,
Hydrogen Power ,
Investment ,
Investment Tax Credits ,
Legislative Agendas ,
Nuclear Power ,
Popular ,
Power Infrastructure ,
Production Tax Credit ,
Proposed Legislation ,
Regulatory Agenda ,
Tax Credits ,
Tax Planning ,
Tax Reform ,
Zero Emission Credits
I. Introduction -
Renewable energy development and the “energy evolution” continue to make a splash in energy infrastructure, legislation, and investment. And, among renewable energy technologies, offshore wind may be set...more
9/7/2021
/ Clean Energy ,
Energy Policy ,
Energy Projects ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
Offshore Wind ,
Power Grid ,
Power Infrastructure ,
Production Tax Credit ,
Renewable Energy ,
Wind Power
On June 29, 2021, the Internal Revenue Service (“IRS”) issued IRS Notice 2021-41 (the “Notice”), which extends the “Continuity Safe Harbor” for renewable energy projects that qualify for production tax credits under Section...more
Key Takeaways:
•In an effort to spur investment in renewable energy projects, Congress and the Biden Administration are considering “direct pay” options-
•Direct pay would allow project developers to receive tax...more
On March 31, 2021, President Joe Biden announced the American Jobs Plan (the Plan). The Plan proposes approximately $2 trillion in government funding over the next decade focused on infrastructure, the electric grid,...more
4/5/2021
/ Broadband ,
Clean Water Act ,
Climate Change ,
Corporate Taxes ,
Critical Infrastructure Sectors ,
Earth Day ,
Energy Efficiency ,
Fossil Fuel ,
Historical Landmarks ,
Infrastructure ,
Investment ,
Joe Biden ,
Oil & Gas ,
PFAS ,
Power Grid ,
Public Transit ,
Roads ,
Supply Chain ,
Tax Credits ,
Transportation Industry