News & Analysis as of

Internal Revenue Code (IRC) Energy Projects Safe Harbors

Bradley Arant Boult Cummings LLP

Inflation Reduction Act Domestic Content Bonus Update: IRS Issues Updated Guidance with First Updated Elective Safe Harbor

On January 16, 2025, the IRS released Notice 2025-08, modifying its prior guidance issued as Notice 2023-38 and Notice 2024-41, for taxpayers seeking to qualify for the domestic content bonus tax credit amounts under the...more

Holland & Knight LLP

Eyes on Energy Tax Update: Second Quarter 2024

Holland & Knight LLP on

Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also...more

Holland & Knight LLP

Breaking Down the New Domestic Content Safe Harbor Guidance

Holland & Knight LLP on

The IRS issued Notice 2024-41 on May 16, 2024, which provides updated guidance regarding the domestic content bonus credit under Sections 45, 48, 45Y and 48E of the Internal Revenue Code. The new notice modifies previously...more

Cozen O'Connor

An Energy/Production Credit Boost – IRS Issues Notice With Safe Harbor for Domestic Content

Cozen O'Connor on

The Internal Revenue Service (IRS) issued Notice 2024-41 on May 16, 2024. Notice 2024-41 guides taxpayers on qualifying for increased renewable energy tax credits. To qualify for this credit increase, a taxpayer must satisfy...more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release New Safe Harbor Election for Domestic Content Bonus Credits

On May 16, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released Notice 2024-41 (the Notice), providing further guidance on domestic content bonus credit amounts applicable under...more

McDermott Will & Emery

The Domestic Content Bonus Credit’s Promising New Safe Harbor

McDermott Will & Emery on

On May 16, 2024, the Internal Revenue Service (IRS) published Notice 2024-41 (Notice), which modifies Notice 2023-38 (Prior Notice) by providing a new elective safe harbor (Safe Harbor) that will allow taxpayers to use...more

Vinson & Elkins LLP

Domestic Content Safe Harbor Released

Vinson & Elkins LLP on

On May 16, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued Notice 2024-41 (the “Notice”), which provides supplemental guidance on the domestic content bonus credit...more

Holland & Knight LLP

Breaking Down the Section 45V Clean Hydrogen PTC Proposed Regulations

Holland & Knight LLP on

The U.S. Department of the Treasury and the IRS on Dec. 22, 2023, released proposed regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the...more

Holland & Knight LLP

Eyes on Energy Tax Update: Second Quarter 2023

Holland & Knight LLP on

The second quarter of 2023 saw continued developments as a result of the enactment of the Inflation Reduction Act of 2022 (IRA), court activity and announcements from federal agencies. Below, we summarize the updates you need...more

Mayer Brown

IRS Extends Start-of-Construction Relief for Renewables in Light of Continuing Effects of COVID-19

Mayer Brown on

On June 29, 2021, the US Internal Revenue Service (the “IRS”) released Notice 2021-41 (the “Notice”), extending and enhancing previous relief given by the IRS pursuant to Notice 2020-41 (the “Previous Notice”) on the...more

McGuireWoods LLP

Continuity Safe Harbor Extended for Offshore Wind, Renewable Energy Projects on Federal Land

McGuireWoods LLP on

The IRS recently issued Notice 2021-05, which extends the continuity safe harbor to 10 years for offshore wind projects and renewable energy projects constructed on federal land. Under prior IRS guidance, most renewable...more

Foley & Lardner LLP

IRS Releases Initial Guidance Regarding Section 45Q Carbon Sequestration Tax Credit

Foley & Lardner LLP on

On February 20, 2020, the IRS issued its first round of guidance regarding the carbon sequestration tax credit found in Section 45Q (the “Section 45Q Credit”) of the Internal Revenue Code of 1986 (as amended, the “Code”) in...more

Holland & Hart LLP

IRS Publishes Guidance on the Carbon Capture Tax Credit

Holland & Hart LLP on

On February 19, 2020, the IRS issued two guidance items concerning the tax credit for carbon oxide sequestration (COS) under section 45Q: Notice 2020-12 and Revenue Procedure 2020-12. The new guidance is very similar to IRS...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues Anticipated Guidance on Section 45Q Carbon Capture Credits

Further clarity could help unlock much needed investment for a significant number of delayed projects. - After a two-year delay, the IRS finally issues highly anticipated guidance regarding the carbon capture tax credit...more

McGuireWoods LLP

IRS Provides Carbon Capture Tax Credit Guidance and Safe Harbor

McGuireWoods LLP on

On Feb. 20, 2020, the IRS issued Notice 2020-12 and Revenue Procedure 2020-12 regarding carbon capture tax credits (IRC Section 45Q). Notice 2020-12 (the begin construction notice) provides guidance to determine when...more

Akin Gump Strauss Hauer & Feld LLP

Carbon Capture Tax Credit Gets a Boost From IRS Guidance – A Practical Guide for Investors

The Internal Revenue Service (IRS) has issued the first round of guidance regarding the tax credit for carbon oxide sequestration under Internal Revenue Code Section 45Q. This guidance is divided between two documents:...more

Morgan Lewis

IRS Releases Critical Guidance on Carbon Capture Tax Credits

Morgan Lewis on

The guidance issued on February 19 by the Internal Revenue Service is the type that the carbon capture and storage industry had sought, and will hopefully open up the market for investment by eliminating tax-related...more

Eversheds Sutherland (US) LLP

IRS Updates Beginning of Construction Guidance for Renewable Energy Tax Credits Extended by PATH Act

On May 5, 2016, the Internal Revenue Service (IRS) issued Notice 2016-31, which updates prior guidance regarding the beginning of construction requirement for IRC sections 45 and 48 renewable energy tax credits following...more

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