The House of Representatives has passed a sweeping tax reconciliation bill that makes significant changes to the U.S. energy tax credit regime. The bill, as originally reported out of the House Ways and Means Committee,...more
The U.S. Department of the Treasury and the Internal Revenue Service have published final regulations concerning the low-income communities bonus credit program under Section 48E(h) of the Internal Revenue Code of 1986, as...more
The U.S. Department of the Treasury and the Internal Revenue Service have issued Notice 2025-08 (the “First Updated Elective Safe Harbor”), offering new guidance on the bonus credit for projects using domestically produced...more
The U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) have released final regulations for two new tax credits under the Internal Revenue Code (Code), established by the Inflation Reduction Act...more
The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have released a notice of intent to propose regulations and a notice providing the annual emissions rate table for the Clean Fuel...more
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have released final regulations or tax credits for the production of clean hydrogen under Section 45V of the Internal Revenue Code. The industry has...more
The U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) have released final regulations for the energy investment tax credit (ITC) under Section 48 of the Internal Revenue Code, which was...more
The U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) have modified a framework relating to renewable energy projects that qualify for the domestic content bonus tax credit (the “DC Adder”)...more
The Treasury Department and IRS have published proposed regulations relating to credits for producing clean hydrogen under the Inflation Reduction Act (“IRA”), a key step in implementing the National Clean Hydrogen Strategy....more
The Department of the Treasury and Internal Revenue Service (IRS) published proposed regulations (the “Proposed Regulations”) providing further guidance on the prevailing wage and apprenticeship requirements for clean energy...more
On June 14, 2023, the IRS and Treasury issued proposed regulations (the “Proposed Regulations”) under two novel provisions of the Inflation Reduction Act of 2022 (the “IRA”) designed to promote capital investment in renewable...more
New tax guidance explaining how renewable energy projects can qualify for “bonus credits” if they meet U.S. domestic content rules answers significant questions, but also creates a qualification framework that will be...more
Initial guidance for the bonus credit amount for renewable energy projects located in “energy communities” answers numerous questions about how to prove a project qualifies for extra tax credits. The guidance—which is in...more
On November 30, 2022, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) published initial guidance clarifying certain questions surrounding the new prevailing wage and apprenticeship...more
12/5/2022
/ Apprenticeships ,
Clean Energy ,
Construction Project ,
Department of Labor (DOL) ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Prevailing Wages ,
U.S. Treasury ,
Wage and Hour
Historically, only taxpaying entities could take advantage of federal tax credits for renewable energy and other qualifying projects. Tax-exempt entities, such as municipal utilities and rural electrical cooperatives, as well...more
The Inflation Reduction Act of 2022 (the “IRA”) released by U.S. Senate Democrats on July 27, 2022 would, if enacted, provide a number of financial incentives to encourage the purchase of electric and hydrogen fuel cell...more
The Inflation Reduction Act of 2022 (the “IRA”) released by U.S. Senate Democrats on July 27, 2022, would dramatically reshape and expand tax credit incentives for a broad range of renewable energy resources and could...more
IRS guidance issued June 29, 2021 extends the deadline by which renewable energy projects (including wind and solar projects) that began construction in 2016 through 2020 may finish construction and qualify for production tax...more
IRS guidance issued June 29, 2021 extends the deadline by which renewable energy projects (including wind and solar projects) that began construction in 2016 through 2020 may finish construction and qualify for production tax...more
On January 6, 2021, the IRS issued final regulations relating to section 45Q. This is the fourth piece of guidance from the IRS relating to section 45Q, following IRS Notice 2020-12, Revenue Procedure 2020-12, the Proposed...more
1/29/2021
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Critical Infrastructure Sectors ,
Energy Projects ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
IRS ,
Production Tax Credit ,
Tax Credits ,
Tax Planning ,
Urban Planning & Development
The Consolidated Appropriations Act, 2021 (the “Act”) was signed into law on December 27, 2020. The Act provided an extension of the beginning of construction deadline for the Production Tax Credit (“PTC”) for wind projects...more
1/11/2021
/ Consolidated Appropriations Act (CAA) ,
Energy Projects ,
Green Technology ,
Infrastructure ,
Investment Tax Credits ,
IRS ,
New Legislation ,
Offshore Wind ,
Production Tax Credit ,
Renewable Energy ,
Solar Energy ,
Tax Planning ,
Wind Power
On November 29, 2018, the Internal Revenue Service (the "IRS") published a memorandum (the "Memorandum") dated November 20, 2018, outlining the new process for all voluntary disclosures, both domestic and offshore (the "New...more
12/21/2018
/ Banking Sector ,
FBAR ,
FinCEN ,
Foreign Financial Accounts ,
IRS ,
Offshore Funds ,
OVDP ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Voluntary Disclosure ,
White Collar Crimes
Battery energy storage is the most significant development for the electric grid since the explosive growth in renewables deployment over the past decade. Efforts to promote energy storage are moving rapidly throughout the...more
8/20/2018
/ Capacity Market ,
Energy Market ,
Energy Sector ,
Energy Storage ,
Investment Tax Credits ,
Procurement Guidelines ,
Regulatory Oversight ,
Regulatory Requirements ,
Solar Energy ,
Taxation ,
UK ,
Utilities Sector
On March 13th, the Internal Revenue Service ("IRS") announced that the offshore voluntary disclosure program ("OVDP"), which was first launched in 2009 and modified several times, will close to new taxpayers after September...more
3/23/2018
/ Banking Sector ,
FATCA ,
FBAR ,
FinCEN ,
Foreign Financial Accounts ,
IRS ,
Offshore Funds ,
OVDP ,
Reporting Requirements ,
Tax Amnesty ,
Tax Evasion ,
Tax Planning ,
Voluntary Disclosure
Congress has passed the tax reform bill, known as the "Tax Cuts and Jobs Act", and President Trump signed it into law on December 22, 2017. The Act contains wide-ranging changes to the tax law that affect many industries. ...more
1/5/2018
/ Base Erosion Tax ,
Bonus Depreciation ,
Compensation & Benefits ,
Corporate Taxes ,
EBITDA ,
Energy Sector ,
Energy Tax Incentives ,
Income Taxes ,
Net Operating Losses ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
Power Purchase Agreements ,
Renewable Energy ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration