News & Analysis as of

Internal Revenue Code (IRC) Renewable Energy Department of Energy (DOE)

Beveridge & Diamond PC

Key Areas for Regulatory Engagement With the Trump Administration’s Emphasis on Biofuels

Overview - Among its energy policy priorities, early executive orders, and other actions, the Trump administration has reinforced its commitment to expanding the U.S. biofuels sector, which typically has strong bipartisan...more

Baker Botts L.L.P.

Final Section 45V Clean Hydrogen Production Tax Credit Regulations: A Closer Look

Baker Botts L.L.P. on

On January 3, 2025, the Internal Revenue Service (“IRS”) and the Department of the Treasury (“Treasury”) released long-awaited final regulations regarding the clean hydrogen production tax credit under section 45V of the...more

Vinson & Elkins LLP

Treasury Releases Guidance and GREET Model for the Section 45Z Clean Fuel Production Credit

Vinson & Elkins LLP on

On January 10, 2025, the Treasury Department (the “Treasury”) and the Internal Revenue Service (the “Service”) continued their flurry of new guidance by releasing IRS Notice 2025-10 (the “Notice”) concerning the clean fuel...more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release Final Hydrogen Production Tax Credit Regulations

On January 3, 2025, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (Regulations) to implement the tax credit for the production of “qualified clean hydrogen”...more

K&L Gates LLP

Department of the Treasury and the Internal Revenue Service Issue Final Regulations on Section 45V Clean Hydrogen Production Tax...

K&L Gates LLP on

On 3 January 2025, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations (Final Rules) implementing the Section 45V Clean Hydrogen Production Tax Credit (Section 45V tax...more

Pillsbury Winthrop Shaw Pittman LLP

Initial Guidance on Clean Fuel Production Credit Under IRC Section 45Z

On January 10, 2025, the Internal Revenue Service (IRS) issued Notice 2025-10 and Notice 2025-11. Notice 2025-10 summarizes proposed regulations (Proposed Regulations) that Treasury and the IRS plan to issue with respect to...more

Baker Botts L.L.P.

Inflation Reduction Act Guidance: IRS and Treasury Release Final Regulations on the New Tech-Neutral Clean Energy Tax Credits

Baker Botts L.L.P. on

On January 15, 2025, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (“Treasury”) published final regulations regarding the new “clean electricity production credit” under Internal Revenue Code...more

Hogan Lovells

Treasury issues final section 45V clean hydrogen production credit rules

Hogan Lovells on

Final 45V rules provide important clarifications and additional flexibility which will allow many hydrogen producers to claim 45V credits, both for electrolytic and methane-based hydrogen, but also impose new hurdles in...more

King & Spalding

Treasury and IRS Issue Final Regulations Implementing Section 45V Clean Hydrogen Production Tax Credit

King & Spalding on

On January 3, 2025, the IRS and Treasury issued long-awaited final regulations (the “45V Final Regulations”) implementing the clean hydrogen production tax credit (the “45V Credit”) under Section 45V of the Internal Revenue...more

Pillsbury Winthrop Shaw Pittman LLP

Treasury and IRS Issue Final Regulations on the Credit for Production of Clean Hydrogen Under Section 45V of the Internal Revenue...

The final regulations retain the general framework of the proposed regulations, with some important modifications based upon comments from industry members. The acquisition and retirement of energy attribute certificates...more

Jones Day

Taxing Tangle: U.S. IRS Releases Guidance for Clean Hydrogen Production Tax Credit

Jones Day on

The U.S. Internal Revenue Service ("IRS") has released proposed regulations regarding the Clean Hydrogen Production Tax Credit introduced in the Inflation Reduction Act of 2022 ("IRA"). The proposed regulations provide more...more

Holland & Knight LLP

IRS Releases Long-Awaited Section 45Q LCA Procedures

Holland & Knight LLP on

The IRS on July 24, 2024, released Notice 2024-60, which provides Section 45Q guidance for utilization of carbon dioxide and other carbon oxides. The Notice addresses the information that must be included in the required life...more

Haynsworth Sinkler Boyd, P.A.

Green Energy Manufacturing Boost: Navigating the 48C Credit Application Process

The Qualifying Advanced Energy Project Credit (48C) was created by the American Recovery and Reinvestment Act of 2009 to focus on green energy manufacturing and has been brought back with the Inflation Reduction Act (IRA)....more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Propose Supplemental Notice Regarding Clean Hydrogen Production Tax Credit Regulations

On April 10, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released a notice of proposed rulemaking (the Supplemental Regulations) to supplement the Clean Hydrogen Production Tax...more

Holland & Knight LLP

Treasury Department, IRS Issue Additional Section 45V Clean Hydrogen PTC Guidance

Holland & Knight LLP on

The U.S. Department of the Treasury Department and IRS on April 10, 2024, issued a supplemental notice of proposed rulemaking (NPRM) under the Internal Revenue Code's Section 45V clean hydrogen production tax credit (PTC)....more

Foley Hoag LLP - Energy & Climate Counsel

IRS Issues Guidance and Requests Comment on Provisional Emission Rate Process for Hydrogen Tax Credit

On April 10, 2024, Department of Treasury and the Internal Revenue Service (collectively, “IRS”) issued further guidance on the “Provisional Emission Rate” or “PER” process for the Inflation Reduction Act’s (“IRA”) Hydrogen...more

A&O Shearman

Takeaways from Treasury's proposed regulations on U.S. tax credits for clean hydrogen production

A&O Shearman on

The U.S. Treasury Department (Treasury) and the Internal Revenue Service (the IRS) issued proposed regulations on December 22, 2023, providing initial guidance on the clean hydrogen tax credit under section 45V (the 45V...more

Bracewell LLP

Treasury and IRS Issue Proposed Regulations With Respect to Clean Hydrogen Credits Under Sections 45V and 48 of the Internal...

Bracewell LLP on

On December 22, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released a notice of proposed rulemaking and notice of public hearing containing proposed regulations (Proposed Regulations) with...more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release Proposed Regulations on Section 45V Hydrogen Production Tax Credit

On December 22, 2023, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a notice of proposed rulemaking (the Proposed Regulations) regarding the Clean Hydrogen Production credit...more

Pillsbury Winthrop Shaw Pittman LLP

Treasury Department and IRS Issue Proposed Regulations on the Clean Hydrogen Production Credit under Section 45V of the Internal...

The proposed regulations go beyond the use of the GREET model by requiring the use of “energy attribute certificates” (EACs) to prove eligibility for the credit under section 45V of the Internal Revenue Code (IRC). The use of...more

Akerman LLP

October 19 – First Day to Submit Applications to the Low-Income Community Bonus Tax Credit Program

Akerman LLP on

The DOE Portal for submitting applications to the "Low-Income Communities Bonus Credit Program" for all four facility categories opens on October 19, 2023, at 9:00 am ET. All applications received by November 18 at midnight...more

DarrowEverett LLP

What IRS’s Low-Income Adder Guidance Means For Renewables Projects

DarrowEverett LLP on

The Inflation Reduction Act of 2022 (the “Act”) breathed new life into the tax scheme for renewable energy projects, creating a new base tax credit with a series of adders that can significantly increase viability of projects...more

Lowndes

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

Lowndes on

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

BCLP

Inflation reduction act expands support for nuclear power plants

BCLP on

The Inflation Reduction Act (“IRA”) created new incentives for the generation of electricity from nuclear power plants, supplementing incentive provisions that are currently in place. The primary changes are (i) the adoption...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

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