News & Analysis as of

Carbon Capture and Sequestration Internal Revenue Service Energy Tax Incentives

Bracewell LLP

Treasury Department and IRS Release Final Regulations for Section 45V Clean Hydrogen Production Tax Credit

Bracewell LLP on

On January 3, 2025, the Treasury Department and the Internal Revenue Service issued final regulations under Internal Revenue Code (Code) Section 45V (the Final Regulations) with respect to credits for the production of clean...more

Bracewell LLP

IRS and Treasury Department Release Initial Guidance for Labor Requirements under Inflation Reduction Act

Bracewell LLP on

On November 30, 2022, the IRS and the Treasury Department published Notice 2022-61 (the Notice) in the Federal Register. The Notice provides guidance regarding the prevailing wage requirements (the Prevailing Wage...more

Mintz - Energy & Sustainability Viewpoints

Last Call: Public Comments on Inflation Reduction Act Clean Energy Tax Incentives Are Requested By November 4

On October, 5, 2022, the U.S. Department of Treasury (Treasury) and Internal Revenue Service (IRS) published six Notices requesting public comments by November 4, 2022 on certain of the clean energy tax incentives included in...more

Wiley Rein LLP

Treasury Requests Comments for Upcoming Guidance on Energy Tax Benefits in the Inflation Reduction Act

Wiley Rein LLP on

The U.S. Treasury Department (Treasury) and the Internal Revenue Service (IRS) published six notices on October 5, 2022, requesting comments on various provisions in the Internal Revenue Code (Code) related to energy tax...more

Paul Hastings LLP

U.S. Senate Passes Inflation Reduction Act

Paul Hastings LLP on

On August 7, after weeks of negotiations, the Senate voted 51-50 to pass a budget reconciliation package known as the Inflation Reduction Act (the “Bill”), introduced by Senators Joe Manchin (D‑WV) and Chuck Schumer (D‑NY) in...more

Eversheds Sutherland (US) LLP

IRS issues new Section 45Q CCUS ruling

The IRS issued Revenue Ruling 2021-13 on July 1, 2021, which provides additional guidance regarding the section 45Q carbon capture, utilization and storage (CCUS) credit. More specifically, the ruling concludes that: ..A...more

Sheppard Mullin Richter & Hampton LLP

Congress Extends Renewable Energy Tax Credits in 2021 Omnibus Spending Bill

As Congress was completing final negotiations of the stimulus package dealing with the public health and economic impacts of the coronavirus pandemic, several key energy provisions made their way into the 5593-page omnibus...more

Orrick, Herrington & Sutcliffe LLP

Department of Energy and USEA Release Comprehensive Carbon Capture Incentives Report Co-authored by Orrick

On September 21, the United States Energy Association (“USEA”), on behalf of the Department of Energy Office of Fossil Energy, released a comprehensive report on the current state of carbon capture, utilization, and...more

Orrick, Herrington & Sutcliffe LLP

Carbon Capture and Sequestration: Incentives Update

Section 45Q Tax Credits Internal Revenue Code Section 45Q provides a tax credit for the sequestration or use of qualified carbon oxides (“COx”), including CO2. Although Section 45Q was enacted in 2008, there was uncertainty...more

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