The Internal Revenue Service (IRS) has released initial guidance on the low-income adder to the investment tax credit (ITC) under Section 48(e) (Low-Income Bonus). The guidance, released in IRS Notice 2023-17 (Notice),...more
On August 31, McDermott Partners Heather Cooper and Philip Tingle provided a detailed review of the wage and apprentice, domestic content, transferability and direct provisions of the Inflation Reduction Act of 2022. They...more
Yesterday, the Internal Revenue Service (IRS) issued Notice 2021-41 (the Notice), providing relief for continuity requirements for the investment tax credit (ITC) under Section 48 and the production tax credit (PTC) under...more
The energy market has undergone significant change in the past 12 months, with even more on the horizon. Our webinar series explores how these changes have shaped—and will continue to impact—the energy industry, including...more
5/20/2021
/ Carbon Capture and Sequestration ,
Energy Market ,
Energy Policy ,
Energy Projects ,
Energy Sector ,
Energy Storage ,
Energy Tax Incentives ,
Investment Tax Credits ,
Legislative Agendas ,
Offshore Wind ,
Production Tax Credit ,
Proposed Legislation ,
Renewable Energy ,
Tax Legislation ,
Tax Rates
The energy market has undergone significant change in the past 12 months, with even more on the horizon. Join us for a webinar series as we explore how these changes have shaped—and will continue to impact—the energy...more
5/17/2021
/ Carbon Capture and Sequestration ,
Energy Market ,
Energy Policy ,
Energy Projects ,
Energy Sector ,
Energy Storage ,
Energy Tax Incentives ,
Investment Tax Credits ,
Legislative Agendas ,
Offshore Wind ,
Production Tax Credit ,
Proposed Legislation ,
Renewable Energy ,
Tax Legislation ,
Tax Rates ,
Webinars
2030 is the new 2050 as US President Joe Biden has officially set a new goal for fighting climate change over the next decade in the United States. At the Leaders Climate Summit (the Summit) on Earth Day, he announced that...more
4/28/2021
/ Biden Administration ,
Carbon Capture and Sequestration ,
Clean Energy ,
Climate Change ,
Energy Storage ,
Greenhouse Gas Emissions ,
Infrastructure Financing ,
Investment Tax Credits ,
Net Zero ,
Offshore Wind ,
Production Tax Credit ,
Renewable Energy ,
Tax Policy ,
Tax Rates ,
Tax Refunds
US Senate Finance Committee Chairman Ron Wyden (D-OR) introduced the Clean Energy for America Act (the Act), along with two dozen Democratic co-sponsors, on April 21, 2021. The Act will likely be a starting point for the...more
New guidance from the Internal Revenue Service (IRS, the Service) extends the Continuity Safe Harbor to 10 years for both offshore wind projects and projects on federal land...more
The IRS yesterday released anticipated guidance extending the placed-in-service deadline for the Investment Tax Credit (ITC) and Production Tax Credit (PTC). Under Notice 2020-41, the “Continuity Safe Harbor” was extended to...more
Treasury and the IRS released initial guidance on the amended Section 45Q carbon oxide sequestration credit on February 19, 2020. Notice 2020-12 and Revenue Procedure 2020-12 provide guidance relating to the beginning of...more
On December 20, 2019, President Donald Trump signed into law the Further Consolidated Appropriations Act, 2020 (H.R. 1865), which included welcomed extensions for a number of energy tax incentives.
The legislation includes...more
12/24/2019
/ Energy Projects ,
Energy Sector ,
Energy Tax Incentives ,
Investment Tax Credits ,
New Legislation ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
Tax Planning ,
Time Extensions ,
Trump Administration
The US Senate yesterday passed a package of tax extenders as part of the year-end appropriations act that the US House of Representatives passed on December 17, 2019. President Trump is expected to sign the legislation before...more
12/20/2019
/ Energy Sector ,
Energy Tax Incentives ,
Income Taxes ,
Investment Tax Credits ,
Investors ,
Production Tax Credit ,
Renewable Energy ,
Tax Extensions ,
Tax Incentives ,
Tax Planning ,
Wind Power
On December 17, 2019, the US House of Representatives passed a year-end fiscal year 2020 spending bill for the federal government that includes a one-year extension of the production tax credit under Section 45 (PTC) for wind...more
In Private Letter Ruling 201946007, the Internal Revenue Service (IRS) allowed a tax equity investor to participate with a regulated utility in a tax equity financing arrangement for wind investments without being subject to...more
12/3/2019
/ Energy Sector ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Popular ,
Private Letter Rulings ,
Production Tax Credit ,
Public Utilities Commission ,
Renewable Energy ,
Revenue Procedures ,
Safe Harbors ,
Tax Equity Partnership
The IRS released Notice 2018-59 on June 22, providing guidance to taxpayers on how to begin construction on solar and other renewable energy projects. It provides a 4 year safe harbor period for solar projects to be placed in...more
As of February 9, 2018, the Bipartisan Budget Act of 2018 retroactively extended many energy related credits that expired December 31, 2016. The Act extended the investment tax credit under Code §48 through 2022 (with...more
The tax bill passed by Congress on December 20, 2017, contains many improvements for renewable energy from the original House draft of the tax reform bill, including retaining existing credits and reducing the impact of the...more
On December 2, 2017, the Senate approved its version of the Tax Cuts and Jobs Act. The Senate Bill includes the base erosion and anti-abuse tax, a new tax intended to apply to companies that significantly reduce their US tax...more
On December 15, 2016, the Internal Revenue Service released Notice 2017-04, which provides welcome guidance on how to meet the “beginning of construction” requirements for wind and other qualified facilities. There has been...more
New Internal Revenue Service (IRS) temporary regulations provide guidance on the income inclusion rules that apply when a lessor elects to treat a lessee as having acquired investment credit property under Treas. Reg. §...more
As discussed in our post on April 7, US Congress extended the Production Tax Credit (PTC) under Internal Revenue Code (IRC) Section 45 and the Investment Tax Credit (ITC) under IRC Section 48 in December 2015, but failed to...more
On May 18, 2016, the Internal Revenue Service (IRS) revised Notice 2016-31 (Notice), its recent guidance on meeting the beginning of construction requirements for wind and other qualified facilities (including biomass,...more
On May 5, 2016, the Internal Revenue Service (IRS) issued Notice 2016-31, providing guidance on meeting the beginning of construction requirements for wind and other qualified facilities (including biomass, geothermal,...more
As discussed in our post on March 16, the Congressional extension of the Production Tax Credit (PTC) under Internal Revenue Code (IRC) Section 45 and the Investment Tax Credit (ITC) under IRC Section 48 in December 2015...more
Renewable Energy Industry Seeks Additional Energy Credit Clarifications -
On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act). The Act includes...more