On May 16, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-41, which modifies Notice 2023-38 (Prior Guidance) by expanding the list of Applicable Projects (defined below) to...more
5/23/2024
/ Energy Projects ,
Energy Storage ,
Hydropower ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Investment Tax Credits ,
IRS ,
Manufacturers ,
Natural Gas ,
Oil & Gas ,
Proposed Regulation ,
Renewable Energy ,
Safe Harbors ,
U.S. Treasury
On March 5, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued final regulations (Final Regulations) on the elective payment of certain tax credits (direct pay) pursuant to Section 6417 of the...more
3/11/2024
/ Energy Projects ,
Final Rules ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Tax Credits ,
Tax Liability ,
U.S. Treasury
The IRS and the Treasury Department issued proposed regulations on December 26, 2023 (Proposed Regulations), providing guidance on the clean hydrogen production tax credit under Section 45V (Hydrogen PTC) and the investment...more
1/2/2024
/ Clean Energy ,
Climate Action Plan ,
Department of Energy (DOE) ,
Energy Projects ,
Energy Tax Incentives ,
Greenhouse Gas Emissions ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
Regulatory Agenda ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The IRS and the Treasury Department issued proposed regulations under Section 48 on November 22, 2023 (Proposed Regulations), providing further guidance in determining whether property is energy property and eligible for the...more
On June 15, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-45 and Notice 2023-47. Notice 2023-45 clarifies requirements for a brownfield site energy community safe harbor provided...more
6/20/2023
/ ASTM ,
Brownfield Properties ,
Coal Industry ,
Contaminated Properties ,
Energy Projects ,
Environmental Site Assessment ,
Inflation Reduction Act (IRA) ,
IRS ,
Safe Harbors ,
Tax Liability ,
U.S. Treasury
On June 14, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations and temporary regulations on tax credit transfers pursuant to Section 6418 of the Internal Revenue Code of...more
On May 12, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-38, which describes certain rules that Treasury and the IRS intend to include in forthcoming proposed regulations...more
The Inflation Reduction Act of 2022 (IRA) will be a game changer for the energy industry. This guide focuses on those issues of particular significance to the energy industry; it is not intended to be comprehensive....more
On September 30, California Governor Gavin Newsom signed Senate Bill 267 (Bill) into law, preserving the property tax break (the solar exclusion) for partnership flips that own solar energy projects. Under the Bill, the solar...more
On September 15, the House Ways and Means Committee (Committee) approved a portion of bills drafted for inclusion in the $3.5 trillion budget reconciliation legislation — the Build Back Better Act — including Subtitle G,...more
On June 29, the IRS issued Notice 2021-41, which provides further relief for delays caused by the COVID-19 pandemic with respect to the “beginning of construction” requirements for renewable energy projects eligible for the...more
On December 31, 2020, the IRS issued Notice 2021-5, which provides relief for the impact of delays on qualified facilities and energy property projects being constructed offshore or on federal land with respect to the...more