News & Analysis as of

Internal Revenue Code (IRC) Biden Administration Inflation Reduction Act (IRA)

Jones Day

New Guidance on the Commercial EV Tax Credit

Jones Day on

In one of their final sets of guidance under President Biden, the Department of Treasury and the IRS released proposed regulations for the tax credit under Section 45W, which is available for purchasing electric vehicles for...more

Pillsbury Winthrop Shaw Pittman LLP

President Biden and Senators Support the Ramp Up in IRS Audits on Corporate Aircraft

President Biden announced that he will focus on ending tax breaks for corporate aircraft and “cracking down on corporate jet loopholes.” Several aviation and labor organizations, including the National Business Aviation...more

Sullivan & Worcester

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

Sullivan & Worcester on

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

BakerHostetler

Overview of Renewable Energy Tax Credits Under the Inflation Reduction Act - Part I

BakerHostetler on

In the United States, federal tax policy, through federal income tax credits, is one of the primary methods used to effectuate government subsidies for the development of renewable energy technology in the private sector....more

Bricker Graydon LLP

Inflation Reduction Act: Direct payments to nonprofits and political subdivisions for clean energy projects

Bricker Graydon LLP on

President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. While we all await regulatory guidance from agencies charged with implementing the IRA, one thing is abundantly clear: the IRA provides...more

Mayer Brown

IRS Requests Comments on Various Aspects of Energy Tax Credits

Mayer Brown on

On October 5, 2022, the U.S. Internal Revenue Service (IRS) issued six notices requesting comments on various aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act. Here is list of, and...more

Kohrman Jackson & Krantz LLP

IRA Clean Energy Incentives and Guarantees: Electric Vehicles – What’s in It for Consumers and Businesses?

On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the Act), which allocates over $369 billion in funding for clean energy, energy-efficiency and other eco-friendly technology (CleanTech)...more

Cadwalader, Wickersham & Taft LLP

Key Features and Ambiguities of the New Corporate Book Minimum Tax

The Inflation Reduction Act of 2022 imposes a 15% corporate Book Minimum Tax (“BMT”) for taxable years beginning after December 31, 2022. The BMT is a 15% tax on certain domestic corporations’ Applicable Financial Statement...more

Mayer Brown

Tax Credits for Electric Vehicles: What’s Changed with the US IRA?

Mayer Brown on

President Biden signed the Inflation Reduction Act of 2022 (the “IRA”) into law on August 16, 2022. Among other things, the IRA expands the federal income tax credits available to promote the development and use of renewable...more

Akerman LLP

President Biden Signs the Inflation Reduction Act into Law

Akerman LLP on

On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 (H.R. 5376) (the IRA) into law. The key provisions that may affect the private equity sector and corporations include...more

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