Featured prominently in the Inflation Reduction Act of 2022 (IRA), carbon capture, utilization and storage (CCUS) is one segment of the energy industry that could most benefit from incentivized development. On November 17,...more
11/21/2022
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Market ,
Energy Projects ,
Energy Sector ,
Financing ,
Inflation Reduction Act (IRA) ,
Oil & Gas ,
Solar Energy ,
Tax Credits ,
Tax Equity ,
Wind Power
The US stimulus bill passed into law yesterday includes several key extensions and additions to the tax credits available for renewable energy. The bill had been agreed to by Congress early last week and signed into law by...more
As the COVID-19 crisis continues to affect every corner of the economy, McDermott continues to interact with industry leaders to provide the latest market updates on the severe disruption and uncertainty brought on the...more
4/7/2020
/ Contract Terms ,
Coronavirus/COVID-19 ,
Energy Projects ,
Energy Sector ,
Popular ,
Project Finance ,
Renewable Energy ,
Safe Harbors ,
Solar Energy ,
Tax Equity ,
Tax Rates ,
Webinars ,
Wind Power
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
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
Key Energy-Related Tax Provisions in the 2017 Budget Proposal -
As in previous proposed budgets, President Obama’s recently released budget proposal for the 2017 fiscal year contains energy-related tax provisions that...more
2/23/2016
/ Barack Obama ,
Federal Budget ,
International Trade Commission (ITC) ,
Investment Tax Credits ,
New Market Tax Credits ,
Oil & Gas ,
Production Tax Credit ,
Renewable Energy ,
Research and Development ,
Solar Energy ,
Tax Credits
With the recent extension of the federal income tax credits available for renewable energy projects, practitioners and industry participants have raised questions as to how the “begun construction” rules will apply under...more
On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act), which included welcomed extensions to a number of energy tax incentives....more
The IRS has advised that the flip partnership guidelines under Rev. Proc. 2007-65, 2007-2 C.B. 967, do not apply to solar facilities or other projects claiming the Section 48 investment tax credit (ITC). The statement, made...more
The Internal Revenue Service (Service) issued Notice 2014-46 (Notice) on August 8, 2014, to provide further guidance on meeting the beginning of construction requirements for wind and other qualified facilities (biomass,...more
8/15/2014
/ Construction Contracts ,
Contractors ,
Energy Sector ,
Geothermal Energy ,
Hydropower ,
IRS ,
Landfills ,
Public Projects ,
Renewable Energy ,
Solar Energy ,
Wind Power
Senate Finance Committee Chairman Max Baucus (D-MT) released a proposal on December 18 that would streamline energy tax incentives to make them more predictable and technology-neutral. The proposal consolidates several...more