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IRS Issues New Safe Harbor for 10% Domestic Content Bonus

On May 17, 2024, the IRS released Notice 2024-41, which provides new safe harbors for determining certain energy projects’ qualification for the 10% domestic content bonus under the production tax credit (PTC) and investment...more

IRS Refreshes and Codifies Energy Property Tax Credit Guidance in Proposed Section 48 Regulations

On Nov. 17, 2023, the IRS and Treasury Department released a series of proposed regulations for the Section 48 investment tax credit (ITC) that the energy market has anticipated for nearly a decade. These proposed rules...more

IRS Proposes Prevailing Wage and Apprenticeship Regulations

On Aug. 29, 2023, the U.S. Department of the Treasury and the IRS released comprehensive proposed regulations adding clarity to the prevailing wage and apprenticeship (PWA) prerequisites associated with eligibility for...more

IRS Issues Guidance Transferability Energy Tax Credits

The Inflation Reduction Act of 2022 created new opportunities both in renewed and brand-new energy tax credits. It also offered new methods through which these credits can be claimed, as a Section 6417 direct payment to...more

IRS Issues More Guidance for Section 48C Advanced Energy Project Tax Credit Allocation Program

The Inflation Reduction Act of 2022 (IRA) extended and modified a federal investment tax credit for advanced energy manufacturing projects under Section 48C of the Code. Section 48C provides incentives for clean energy...more

Domestic Content 10% Bonus Guidance Released (IRS Notice 2023-38)

The Inflation Reduction Act of 2022 (IRA) created a 10% tax credit adder to encourage the use of “domestic content” in renewable projects that qualify for the production tax credit (PTC) and investment tax credit (ITC)....more

Opening Soon — Application for Section 48C Advanced Energy Project Investment Tax Credit

The application process for the first round of funding for the Section 48C credit will open May 31, 2023. The IRS will issue additional guidance on the program before the application process opens but the application window...more

IRS Issues Guidance for Energy Community Bonus Tax Credits – Notice 2023-29

The Inflation Reduction Act of 2022 (IRA) created several new tax incentives to encourage the development of clean energy projects that would benefit specific communities. Among these incentives, Congress included a tax...more

Energy Credits — Treasury, IRS Promise Direct Pay and Transferability Registry and Guidance

Direct pay and transferability for energy tax credits have been available since Jan. 1, 2023, but credit transactions using these provisions have been slow to materialize due to lack of Treasury or IRS guidance. On March 22,...more

IRS Issues Guidance for Energy Tax Credits in Low-Income Communities – Notice 2023-17

The Inflation Reduction Act of 2022 (IRA) created several new tax incentives to encourage developing clean energy projects that would benefit underserved communities and individuals. Among these incentives, Congress included...more

Inflation Reduction Act Extends and Modifies Tax Credits for Solar Projects

On Aug. 16, 2022, President Joe Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. This alert provides a summary of the IRA impact on...more

Inflation Reduction Act Extends and Modifies Tax Credits for Wind Projects

On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. The IRA extends and significantly modifies the federal tax...more

IRS Further Extends Continuity Safe Harbor for 2016 and Later Renewable Energy Projects

On June 29, 2021, the IRS issued Notice 2021-41, providing taxpayers additional relief for purposes of satisfying the beginning-of-construction requirement for qualifying production tax credit (PTC) and investment tax credit...more

Continuity Safe Harbor Extended for Offshore Wind, Renewable Energy Projects on Federal Land

The IRS recently issued Notice 2021-05, which extends the continuity safe harbor to 10 years for offshore wind projects and renewable energy projects constructed on federal land. Under prior IRS guidance, most renewable...more

Wind PTC and Solar ITC Gain COVID-19 Construction Relief From IRS

On May 27, 2020, the Internal Revenue Service issued Notice 2020-41, providing taxpayers with relief for purposes of satisfying the beginning-of-construction requirement for qualifying production tax credit (PTC) and...more

IRS Provides Carbon Capture Tax Credit Guidance and Safe Harbor

On Feb. 20, 2020, the IRS issued Notice 2020-12 and Revenue Procedure 2020-12 regarding carbon capture tax credits (IRC Section 45Q). Notice 2020-12 (the begin construction notice) provides guidance to determine when...more

Beginning Construction Continuity Safe Harbor Extended for National Security Concerns

Earlier this month, the Internal Revenue Service issued Notice 2019-43, which modifies guidance provided in prior Notices 2013-29, 2013-60, 2014-46, 2015-25, 2016-31, 2017-04 and 2018-59 to provide that the continuity safe...more

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