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
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
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
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
We drafted a tax alert that addresses the impact of the much anticipated "Tax Cut and Jobs Act" (H.R. 1) on the energy industry. The complete text of the alert is available here. Below is a brief summary of H.R. 1.
...more
11/10/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Compensation & Benefits ,
Corporate Taxes ,
Energy Sector ,
Income Taxes ,
Infrastructure ,
International Tax Issues ,
Legislative Agendas ,
Proposed Legislation ,
Public Finance ,
Renewable Energy ,
Renewable Energy Incentives ,
Solar Energy ,
Tax Credits ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Wind Power
On May 5, 2016, the IRS released Notice 2016-31, which provides additional guidance on the “start of construction” requirements for the production tax credit (PTC) and investment tax credit (ITC) in lieu of the PTC. Notice...more
7/5/2016
/ Begun Construction Test ,
Biomass ,
Energy Projects ,
Energy Sector ,
Geothermal Energy ,
Hydropower ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Qualified Energy Facilities ,
Renewable Energy ,
Safe Harbors ,
Solar Energy ,
Tax Credits ,
Wind Power
On August 8, 2014, the IRS released Notice 2014-46, which provides additional guidance on the "start of construction" requirements for the investment tax credit (ITC) and production tax credit (PTC). As discussed below,...more
Earlier this year, the Internal Revenue Service (the “IRS”) published Notice 2013-29, providing guidance on what it means to “begin construction” for purposes of the recent extension of the 2.3 cent-per-kilowatt-hour...more