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Troutman Pepper Locke

IRS Issues Final Regulations on Clean Hydrogen Tax Credits

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The IRS and the Treasury Department issued final regulations on January 3 (Final Regulations), providing guidance on the clean hydrogen production tax credit under Section 45V (Hydrogen PTC) and the investment tax credit...more

Troutman Pepper Locke

IRS Issues Final Regulations on Energy Property and Rules Applicable to Energy Credit Under Section 48

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On December 4, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) released final regulations providing further guidance in determining whether property is energy property and eligible for the Investment...more

Troutman Pepper Locke

Treasury and IRS Release Updated Guidance on Energy Communities

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On June 7, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-48. This notice includes lists of information that taxpayers may use to determine whether they meet certain requirements...more

Mintz - Energy & Sustainability Viewpoints

Energy & Sustainability Washington Update — June 2024

“Home Energy Rebates” program, which made available $8.8 billion in funds to help reduce US households’ energy bills. Separated into two rebate programs – the HOMES Rebate Program and the HEEHRA Rebate Program – Home Energy...more

Troutman Pepper Locke

Treasury and IRS Issue Additional Domestic Content Guidance Under IRA and New Elective Safe Harbor

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On May 16, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-41, which modifies Notice 2023-38 (Prior Guidance) by expanding the list of Applicable Projects (defined below) to...more

Jones Day

Administration Finalizes Regulations on Clean Energy Tax Credit Transfers

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The Department of Treasury and the Internal Revenue Service issued final regulations on requirements for taxpayers selling clean energy tax credits....more

K&L Gates LLP

The Department of Treasury Releases Direct Pay Guidance on Clean Energy Tax Credits

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Final Rules Address Eligibility and Process; Proposed Rules Provide Workaround Allowing Tax Exempts to Partner With Others on Projects - The Department of Treasury (Treasury) and the Internal Revenue Service (IRS) recently...more

Troutman Pepper Locke

IRS Issues Final Regulations on Direct Pay

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On March 5, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued final regulations (Final Regulations) on the elective payment of certain tax credits (direct pay) pursuant to Section 6417 of the...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Lead Service Lines/Drinking Water: Internal Revenue Service Determination Addressing Exemption of Replacement Cost

The United States Internal Revenue Service (“IRS”) addressed the federal income tax treatment of certain lead service line replacement programs for residential property owners. See announcement 2024-10....more

Sullivan & Worcester

Enabling REITs to Deploy Renewable Energy: Toward a Workable Legal Standard

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When Treasury promulgated Treasury Decision 9784, I.R.B 2016-39 nearly a decade ago, the net metering renewable energy safe harbor (Section XI “Renewable Energy”, Subsection A) was welcome guidance that was fit for the time...more

Akin Gump Strauss Hauer & Feld LLP

Proposed Clean Hydrogen Guidance: Limitations on Credit Availability for Green Hydrogen Projects and Paths Forward

Guidance recently issued by the Department of the Treasury and the Internal Revenue Service (IRS) in proposed regulations (REG-117631-23) will (if held to be final) have a significant impact on green hydrogen projects in the...more

Troutman Pepper Locke

IRS Issues Proposed Regulations on Clean Hydrogen Tax Credits

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The IRS and the Treasury Department issued proposed regulations on December 26, 2023 (Proposed Regulations), providing guidance on the clean hydrogen production tax credit under Section 45V (Hydrogen PTC) and the investment...more

Vinson & Elkins LLP

Treasury Issues Proposed Regulations on 45X Advanced Manufacturing Production Credit

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On December 14, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) providing additional guidance to taxpayers on the advanced...more

Troutman Pepper Locke

IRS Issues Proposed Regulations on Energy Property and Rules Applicable to Energy Credit Under Section 48

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The IRS and the Treasury Department issued proposed regulations under Section 48 on November 22, 2023 (Proposed Regulations), providing further guidance in determining whether property is energy property and eligible for the...more

Sullivan & Worcester

Treasury Department/Internal Revenue Service Delay in Issuing Guidance Means Hydrogen Producers Remain Uncertain About Tax Credit...

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Overview of the federal Inflation Reduction Act - The Inflation Reduction Act (IRA or Act), signed by President Biden on August 16, 2022, includes the largest Congressional investment in U.S. history to facilitate the...more

Cadwalader, Wickersham & Taft LLP

Is Treasury Tilting at Windmills with their Proposed Rules on Clean Energy Tax Credit Transfers?

Last August, the Inflation Reduction Act of 2022 (the “IRA”) introduced transferability provisions that will allow developers to sell clean energy tax credits.  On June 14, 2023, the IRS released proposed regulations and...more

Foley & Lardner LLP

Opportunity Zones: Should Your Startup Make One Its Home?

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A Qualified Opportunity Zone (QOZ) is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. The U.S. federal government created this tax...more

Lowndes

Applications for Low-Income Communities Bonus Tax Credits to Open in Early Fall

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Last year’s Inflation Reduction Act created the Low-Income Communities Bonus Credit Program. This program provides additional energy tax credits on top of the existing 30% investment tax credit. According to Section 48(e) of...more

Mintz

Energy & Sustainability Washington Update — July 2023

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Bipartisan Infrastructure Law & Inflation Reduction Act Opportunities - Visit our Energy Funding Matrix for a roundup of various clean energy opportunities. We update the matrix on a biweekly basis and welcome any...more

Troutman Pepper Locke

Court Issues Perplexing Decision in Alta Wind

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On June 20, the U.S. Court of Federal Claims issued an opinion and order, denying plaintiffs’ motion for summary judgment in Alta Wind I Owner-Lessor C, et al. v. U.S. (Nos. 13-402, 13-917, 13-935, 13-972, 14-47, 14-93,...more

Bracewell LLP

Treasury Department and IRS Release Additional Guidance for the Advanced Energy Project Credit Allocation Program

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On May 31, 2023, the Treasury Department and the Internal Revenue Service (IRS) released Notice 2023-44 (the Notice). The Notice provides additional guidance for the new program under Section 48C(e) created by the Inflation...more

K&L Gates LLP

Treasury and IRS Propose Regulations for Inflation Reduction Act's Low-Income Communities Bonus Credit Program

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On 1 June 2023, the US Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued a notice of proposed rulemaking (NOPR) regarding the Low-Income Communities Bonus Credit Program (Program) established...more

Polsinelli

Guidance Released on Inflation Reduction Act Domestic Content Tax Credits

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Background - On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA”). Two of the key objectives of the IRA are to incentivize the industry to produce certain types of renewable...more

Stoel Rives LLP

Treasury Issues Preliminary Guidance on Domestic Content Bonus Credit Qualification

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The U.S. Department of the Treasury earlier today released Notice 2023-38, Domestic Content Bonus Credit Guidance under Sections 45, 45Y, 48, and 48E (the Notice). The Notice indicates that the Treasury Department and the IRS...more

Mayer Brown

US Treasury to Propose Regulations on Energy Community Bonus Adders

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On April 4, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released a notice of intent to issue proposed regulations on qualifying for the energy community bonus credit under Sections...more

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