The U.S. Department of the Treasury and IRS on Sept. 18, 2024, released proposed regulations under Section 30C of the Internal Revenue Code regarding the Alternative Fuel Vehicle Refueling Property Credit. The proposed...more
9/20/2024
/ Alternative Fuels ,
Apprenticeships ,
Comment Period ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
IRS ,
Motor Vehicles ,
Prevailing Wages ,
Proposed Regulation ,
Tax Credits ,
U.S. Treasury
For nearly 40 years and in more than 18,000 judicial opinions, federal courts have used the Chevron doctrine to defer to an agency's reasonable interpretation of an ambiguous statute. On June 28, 2024, the U.S. Supreme Court...more
9/3/2024
/ Administrative Procedure Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Chevron Deference ,
Chevron v NRDC ,
Consumer Financial Protection Bureau (CFPB) ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
Department of Transportation (DOT) ,
Environmental Protection Agency (EPA) ,
Federal Trade Commission (FTC) ,
FERC ,
Food and Drug Administration (FDA) ,
Government Agencies ,
HUD ,
IRS ,
Judicial Authority ,
Loper Bright Enterprises v Raimondo ,
NTSB ,
OCC ,
Popular ,
Regulatory Authority ,
Relentless Inc v US Department of Commerce ,
SCOTUS ,
Stare Decisis ,
Statute of Limitations ,
Statutory Interpretation ,
U.S. Treasury
The IRS on July 24, 2024, released Notice 2024-60, which provides Section 45Q guidance for utilization of carbon dioxide and other carbon oxides. The Notice addresses the information that must be included in the required life...more
8/12/2024
/ Administrative Review ,
Carbon Capture and Sequestration ,
Clean Air Act ,
Department of Energy (DOE) ,
Energy Sector ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Reporting Requirements ,
Tax Credits
Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also...more
8/8/2024
/ Alternative Fuels ,
Aviation Industry ,
Energy Efficiency ,
Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
NPRM ,
Production Tax Credit ,
Rebates ,
Renewable Energy ,
Safe Harbors ,
Tax Credits ,
U.S. Treasury
Upon closing its October 2023 term, the U.S. Supreme Court issued two significant opinions – despite neither being a tax case – that will have broad consequences for taxpayers seeking to challenge tax regulations and other...more
7/19/2024
/ Administrative Authority ,
Administrative Procedure Act ,
Chevron Deference ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Government Agencies ,
IRS ,
Loper Bright Enterprises v Raimondo ,
SCOTUS ,
Statute of Limitations ,
Statutory Interpretation ,
U.S. Treasury
The U.S. Supreme Court on June 20, 2024, ruled 7-2 that Section 965 of the Internal Revenue Code, as revised by the law known as the Tax Cuts and Jobs Act, is constitutional. The issue presented to the Court in Moore v....more
6/27/2024
/ 16th Amendment ,
Constitutional Challenges ,
Controlled Foreign Corporations ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Moore v US ,
Repatriation ,
SCOTUS ,
Shareholders ,
Tax Cuts and Jobs Act ,
Tax Liability ,
Tax Revenues
Basketball just wrapped up its season and hockey is in the last period of its season, but there is no summer vacation for the IRS Large Business and International (LB&I) division. The IRS recently announced a new enforcement...more
In the late 1990s and early 2000s, the IRS was confronted with a proliferation of corporate transactions that it viewed as aggressive tax shelters. Relying on the authority Congress delegated through Section 6011(a), the IRS...more
6/13/2024
/ Administrative Procedure Act ,
Conservation Easements ,
Corporate Taxes ,
Easements ,
IRS ,
Proposed Regulation ,
Reporting Requirements ,
Tax Appeals ,
Tax Avoidance ,
Tax Court ,
Tax Penalties ,
Tax Shelters
In this episode of "The Eyes on Washington Podcast," Public Policy & Regulation attorneys Michael Werner, Sara Klock, Joshua Odintz and Ed Perlmutter discuss the proposed rule by the U.S. Drug Enforcement Administration (DEA)...more
The U.S. Tax Court recently held in SN Worthington Holdings LLC v. Commissioner, 162 T.C. No. 10 (2024), that the petitioning partnership had properly elected into the Bipartisan Budget Act of 2015 (BBA) procedures for the...more
6/3/2024
/ Audits ,
Bipartisan Budget Act ,
Corporate Taxes ,
Default ,
IRS ,
Jurisdiction ,
Partnerships ,
Tax Court ,
Tax Liability ,
Tax Returns ,
TEFRA
The U.S. Tax Court recently issued an opinion in Parkway Gravel Inc. v. Commissioner, Docket No. 10819-21, respecting the structure of a gravel company's sale of a land parcel known as the Freeway Pit. In finding for the...more
5/31/2024
/ Anti-Abuse Rule ,
C-Corporation ,
Complex Corporate Transactions ,
Corporate Taxes ,
IRS ,
Real Estate Development ,
Real Estate Transfers ,
Recharacterization ,
Related Parties ,
Tax Court ,
Tax Deferral ,
Tax Planning ,
Tax-Deferred Exchanges
The Liberty Global Inc. v. United States appeal has practitioners and taxpayers concerned that the economic substance doctrine will be applied to disallow the tax benefits of ordinary course of business decisions and disrupt...more
The U.S. Department of the Treasury and IRS released Notice 2024-37 on April 30, 2024, regarding the Sustainable Aviation Fuel (SAF) Tax Credit found at Section 40B of the Internal Revenue Code as an income tax credit and...more
5/3/2024
/ Agricultural Sector ,
Aviation Industry ,
CARB ,
Carbon Offset and Reduction Scheme for International Aviation (CORSIA) ,
Climate Change ,
Department of Agriculture ,
Department of Energy (DOE) ,
Federal Pilot Programs ,
Fuel Supply ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Sustainability ,
Tax Credits ,
U.S. Treasury ,
USDA
Following the release of initial guidance in the form Notice 2023-2, the U.S. Department of the Treasury (Treasury) and IRS issued proposed regulations (the Proposed Regulations) under the Section 4501 stock repurchase excise...more
4/26/2024
/ Comment Period ,
Excise Tax ,
Fair Market Value ,
Foreign Corporations ,
Inbound Investments ,
IRS ,
Proposed Regulation ,
Rebuttable Presumptions ,
Stock Repurchases ,
Subsidiaries ,
U.S. Treasury
The U.S. Department of the Treasury Department and IRS on April 10, 2024, issued a supplemental notice of proposed rulemaking (NPRM) under the Internal Revenue Code's Section 45V clean hydrogen production tax credit (PTC)....more
4/12/2024
/ Comment Period ,
Department of Energy (DOE) ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
IRS ,
NPRM ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
In holding that that Treas. Reg. § 1.170A-14(g)(6)(ii) (Proceeds Regulation) is procedurally invalid under the Administrative Procedure Act (APA), the U.S. Tax Court abandoned its precedent in Oakbrook Land Holdings, LLC v....more
4/5/2024
/ Administrative Procedure Act ,
Chevron Deference ,
Conservation Easements ,
Easements ,
Fair Market Value ,
Gifts ,
IRS ,
Legal History ,
Partnerships ,
Property Valuation ,
Tax Court ,
U.S. Treasury ,
Vesting
The Chips and Science Act of 2022 (CHIPS Act) added Section 48D to the Internal Revenue Code to incentivize the production of semiconductors and semiconductor manufacturing equipment in the United States. The credit is equal...more
The U.S. Department of the Treasury and IRS released final regulations under Section 6417 of the Internal Revenue Code, as enacted by the Inflation Reduction Act (IRA). Section 6417 allows certain taxpayers to elect to...more
3/19/2024
/ Cash Value ,
Clean Energy ,
Comment Period ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Policies and Procedures ,
Production Tax Credit ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on March 5, 2024, released final regulations regarding the direct payment of tax credits under Section 6417 of the Internal Revenue Code (Elective Payment of Applicable Credits)....more
The U.S. Department of the Treasury and IRS on Feb. 16, 2024, released a correction to Internal Revenue Code Section 48 Proposed Regulations relating to the new investment tax credit (ITC) for biogas. The correction provides...more
2/20/2024
/ Biomass ,
Heavy Equipment ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Landfills ,
Natural Gas ,
Pipelines ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The IRS launched its Inflation Reduction Act (IRA) Pre-Filing Registration Tool in late 2023 for elective (direct) payments under Section 6417 and tax credit transfers under Section 6418 of the Internal Revenue Code....more
The U.S. Department of the Treasury and IRS on Jan. 19, 2024, released Notice 2024-20, stating their intent to issue proposed regulations regarding the Alternative Fuel Vehicle Refueling Property Credit under Section 30C of...more
Eyes on Energy Tax Update is a quarterly publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also...more
1/22/2024
/ Aviation Industry ,
Department of Energy (DOE) ,
Electric Vehicles ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Proposed Regulation ,
Renewable Fuel ,
Sustainability ,
Tax Credits ,
U.S. Treasury ,
Zero-Emission Vehicles
The U.S. Department of the Treasury and the IRS on Dec. 22, 2023, released proposed regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the...more
1/10/2024
/ Carbon Capture and Sequestration ,
Clean Energy ,
Climate Change ,
Comment Period ,
Electricity ,
Energy Projects ,
Energy Sector ,
Environmental Protection Agency (EPA) ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
Safe Harbors ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Dec. 22, 2023, released proposed regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the Inflation...more
12/22/2023
/ Department of Energy (DOE) ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
U.S. Treasury ,
White Papers