News & Analysis as of September 20, 2024

Income Taxes › Energy Storage

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

IRS and Treasury Issue Section 48 Investment Tax Credit Proposed Regulations

King & Spalding on 12/1/2023

Section 48 of the Internal Revenue Code of 1986, as amended (the “Code”) provides for an investment tax credit (“ITC”) for certain energy property. The Inflation Reduction Act of 2022 (the “IRA”) amended Section 48 in several...more

Maryland’s Energy Storage Tax Credit Turns Two

Mayer Brown on 4/3/2019

As previously discussed on this blog, Maryland, in 2017, become the first state in the county to offer an income tax credit for energy storage systems and, to our knowledge, as of 2019, it remains the only state to do so....more

Maryland New Tax Credit for Energy Storage Systems

Williams Mullen on 6/14/2017

Maryland’s Governor Hogan has signed into law a state income tax credit for specific costs related to energy storage systems installed between January 1, 2018 and December 1, 2022. Systems eligible for the credit are systems...more

Maryland Enacts First in the Nation Energy Storage Tax Credit

Mayer Brown on 5/11/2017

On May 4, 2017, Maryland became the first state in the country to offer a tax credit for energy storage systems with Governor Larry Hogan’s (R) signing of Senate Bill No. 758....more

Maryland Likely to Become First State to Adopt Energy Storage Tax Credit

McDermott Will & Emery on 5/3/2017

In April, the Maryland legislature passed a bill creating a state income tax credit for the costs associate with installing an energy storage system. Governor Larry Hogan is expected to sign it into law. Unlike measures in...more

Maryland Passes Bill to Allow 30% State Income Tax Credit for Energy Storage

Stoel Rives - Renewable + Law on 4/14/2017

In what some commentators are calling the first of its kind, Maryland’s legislature has passed a bill that would allow taxpayers to claim a state income tax credit equal to 30% of the installed cost of an energy storage...more

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