The Navigating the New Energy Landscape webinar series came back last week for a special bonus session that focused on the just-released Internal Revenue Service (IRS) guidance on the wage and apprenticeship provisions...more
12/6/2022
/ Apprenticeships ,
Department of Labor (DOL) ,
Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
IRS ,
New Guidance ,
Renewable Energy ,
Tax Benefits ,
Tax Credits ,
Wage and Hour
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
On September 13, McDermott Partners Heather Cooper and Philip Tingle provided a detailed overview of the bonus tax credits under the Inflation Reduction Act of 2022 for projects satisfying low-income thresholds or built-in...more
On August 1, McDermott Partners Philip Tingle and Heather Cooper hosted a webinar to address the climate bill, dubbed the Inflation Reduction Act of 2022, which unexpectedly came back on the table on July 27...more
On July 27, 2022, Senator Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) announced that they had reached an agreement on a proposed reconciliation package: the Inflation Reduction Act of 2022, HR 5376,...more
On November 17, McDermott Partners Philip Tingle and Heather Cooper were joined by Bill Parsons, COO of the American Council on Renewable Energy (ACORE), for a discussion on recent legislative activity regarding renewable...more
The Future of the Energy Transition webinar series continues. On November 17, McDermott Partners Philip Tingle and Heather Cooper will be joined by a to-be-announced industry expert for a discussion on recent legislative...more
How will traditional energy companies compete as the world transitions to renewable energy? In the latest webinar in our Energy Transition series, McDermott Will & Emery Partner Jack Langlois hosted Philip Tingle, global...more
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
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
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
3/26/2021
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Market ,
Energy Projects ,
Energy Sector ,
Risk Management ,
Tax Credits ,
Tax Equity ,
Tax Liability ,
Tax Planning ,
Webinars
The Treasury Department and IRS recently published proposed regulations implementing the Section 45Q carbon capture and sequestration credit. The regulations clarify some questions about the credit, though many questions...more
6/16/2020
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Market ,
Energy Sector ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Proposed Regulation ,
Proposed Rules ,
Tax Credits ,
Tax Planning ,
Webinars
The Internal Revenue Service (IRS) has released a long-awaited proposed rule to implement section 45Q of the Internal Revenue Code, the statutory provision that creates a tax credit for capturing and sequestering carbon...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
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
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
On June 20, 2019, the United States Court of Federal Claims published its long-awaited opinion in California Ridge Wind Energy, LLC v. United States, No. 14-250 C. The opinion addressed how taxpayers engaging in related party...more
6/27/2019
/ 1603 Grants ,
Burden of Persuasion ,
Burden of Proof ,
Energy Sector ,
Evidence ,
Fees ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Land Developers ,
Renewable Energy ,
Tax Credits ,
Wind Farm
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
A battery storage system added to a pre-existing wind facility is eligible for the investment tax credit, even if the facility has claimed the production tax credit. This is good news for taxpayers considering adding...more
Changes to the energy credits proposed in the Tax Cuts and Jobs Act could impact the eligibility of renewable energy projects that had been relying on the guidance previously issued by the Internal Revenue Service....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
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
On December 30, 2013, the Internal Revenue Service issued much anticipated guidance, in the form of Revenue Procedure 2014-12, providing a safe harbor under which it will not challenge a partnership’s allocations of...more
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