Bryan Michael Allen

Faegre Drinker Biddle & Reath LLP

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IRS Allows DOE’s Modified GREET Model and USDA’s Climate Smart Agriculture Program for Sustainable Aviation Fuel Tax Credit

On April 30, 2024, the Department of Treasury and IRS issued new SAF tax credit guidance created by the Inflation Reduction Act (IRA). This guidance was developed in consultation with the Environmental Protection Agency...more

5/17/2024 / Department of Energy (DOE) , Environmental Protection Agency (EPA) , Federal Aviation Administration (FAA) , Inflation Reduction Act (IRA) , IRS , Tax Credits

IRS Releases Proposed Regulation to Section 45V of Internal Revenue Code

In connection with the Inflation Reduction Act (IRA), on December 22, 2023, the Internal Revenue Service (IRS) released a Proposed Regulation related to Section 45V of the Internal Revenue Code. The Proposed Regulation,...more

1/17/2024 / Carbon Capture and Sequestration , Greenhouse Gas Emissions , Inflation Reduction Act (IRA) , Internal Revenue Code (IRC) , IRS , Proposed Regulation , Renewable Energy , Tax Credits

Department of Treasury Issues Guidance on Section 45X Production Tax Credit

The U.S. Department of the Treasury, in conjunction with the Internal Revenue Service (IRS), released updated proposed guidance on the Section 45X Production Tax Credit (PTC). The guidance addresses specific requirements...more

12/21/2023 / Comment Period , Inflation Reduction Act (IRA) , IRS , Production Tax Credit , Tax Credits , U.S. Treasury

Section 48 Investment Tax Credit for Offshore Wind and Energy Storage

The Department of the Treasury (DOT), through the Internal Revenue Service (IRS) and in consultation with the Department of Energy (DOE), released new draft guidance on Section 48 tax credits, as well as updated guidance in...more

12/12/2023 / Department of Energy (DOE) , Energy Sector , Energy Storage , Investment Tax Credits , IRS , Offshore Wind , Renewable Energy , Wind Power

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