News & Analysis as of

Internal Revenue Code (IRC) Carbon Capture and Sequestration Inflation Reduction Act (IRA)

Husch Blackwell LLP

Carbon Capture: Tax Impacts of Utilization & Storage

Husch Blackwell LLP on

One promising solution to climate change is Carbon Capture, Utilization and Storage (“CCUS”). CCUS involves capturing carbon oxides, primarily carbon dioxide (CO2), for permanent storage or potential utilization. Interest in...more

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

Treasury, Internal Revenue Service Issue Final Regulations for Transfer of Energy Credits

On April 25, 2024, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations regarding the transfer of energy tax credits under the Inflation Reduction Act of 2022 (IRA)....more

Paul Hastings LLP

Treasury and IRS Release Final Regulations on Direct Pay

Paul Hastings LLP on

The Inflation Reduction Act of 2022 added Section 6417 to the Internal Revenue Code of 1986, as amended (the “Code”). Under this new section, certain taxpayers may make an elective payment, which will treat certain eligible...more

Faegre Drinker Biddle & Reath LLP

IRS Releases Proposed Regulation to Section 45V of Internal Revenue Code

In connection with the Inflation Reduction Act (IRA), on December 22, 2023, the Internal Revenue Service (IRS) released a Proposed Regulation related to Section 45V of the Internal Revenue Code. The Proposed Regulation,...more

Bracewell LLP

Current Year IRS Priority Guidance Plan Highlights Energy Transition

Bracewell LLP on

On September 29, 2023, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) released their 2023–2024 Priority Guidance Plan (the Plan). The Plan describes the various guidance priorities of the IRS...more

King & Spalding

IRS and Treasury Issue Transferability Proposed Regulations

King & Spalding on

Developers of renewable energy projects prior to the Inflation Reduction Act of 2022 (the “IRA”) were able to enter into joint ventures and leasing arrangements with other private companies that had a sufficient tax liability...more

Holland & Knight LLP

Treasury Department and IRS Release Direct Pay and Transferability Guidance

Holland & Knight LLP on

The U.S. Department of the Treasury and IRS on June 14, 2023, released two notices of proposed rulemaking (NOPRs) regarding the direct payment of tax credits under Section 6417 of the Internal Revenue Code (Elective Payment...more

Womble Bond Dickinson

How Manufacturers Can Take Advantage of the Inflation Reduction Act

Womble Bond Dickinson on

The Inflation Reduction Act (the “IRA”) is a wide-ranging bill that includes, among other things, significant investments and reforms by the federal government in a variety of different sectors, including manufacturing,...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

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

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