News & Analysis as of

Offshore Wind Internal Revenue Service

Allen Matkins

Renewable Energy Update 5.07.24

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Governor Gavin Newsom said on April 25 that California continued to rapidly add the battery storage that is crucial to the transition to cleaner energy, but admitted it was still not enough to avoid blackouts during heat...more

Locke Lord LLP

Latest Energy Communities Guidance Buoys Offshore Wind, but Navigation Hazards ‎Remain

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On March 22, 2024, the IRS issued additional guidance (Notice 2024-30) on the energy communities provision of the Inflation Reduction Act. This latest guidance is narrowly focused on two topics: (1) expanding the “hook” by...more

Holland & Knight LLP

IRS Updates and Expands Energy Community Bonus Tax Credit Guidance

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The IRS released additional guidance on March 22, 2024, in the form of Notice 2024-30 (Notice) regarding the energy community bonus credit under Sections 45, 48, 45Y and 48E of the Internal Revenue Code, which also is...more

Vinson & Elkins LLP

Treasury Updates its Energy Community Guidance

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On March 22, 2024, the Internal Revenue Service (IRS) issued additional guidance in respect of the “Energy Community Bonus” in Notice 2024-30 (the “Notice”), which provides two key updates: (1) offshore wind farms have two...more

Allen Matkins

Renewable Energy Update 3.07.24

Allen Matkins on

The U.S. Department of the Treasury and IRS have released final rules on Inflation Reduction Act provisions that aim to expand the reach of the clean energy tax credits. The Act created the new elective pay and...more

Bracewell LLP

The Investment Tax Credit for Offshore Wind Projects: A Second Look at the Proposed Regulations under Section 48

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On November 22, 2023, the Internal Revenue Service and Treasury Department released proposed regulations (the Proposed Regulations) relating to the investment tax credit (the ITC) under Section 48 of the Internal Revenue Code...more

Faegre Drinker Biddle & Reath LLP

Section 48 Investment Tax Credit for Offshore Wind and Energy Storage

The Department of the Treasury (DOT), through the Internal Revenue Service (IRS) and in consultation with the Department of Energy (DOE), released new draft guidance on Section 48 tax credits, as well as updated guidance in...more

K&L Gates LLP

Recent Treasury Proposed Regulations' Application to Qualified Offshore Wind Properties

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On 17 November 2023, the US Department of the Treasury (Treasury Department) and Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) updating rules for the investment tax credit (ITC) under Code1...more

Locke Lord LLP

Treasury Issues Proposed Regulations ‎‎on Expanded ITC Under Inflation Reduction Act, ‎Boosting ‎‎Storage, Offshore Wind

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On November 17, 2023, the Internal Revenue Service (“IRS”) and the U.S. Treasury Department (“Treasury”) issued Proposed Treasury Regulations (REG-132569-17) (the “Proposed Regulations”) providing guidance and amending...more

Locke Lord LLP

That Sinking Feeling: IRS Energy ‎Communities Guidance May Limit Eligibility of Many ‎Offshore ‎Wind Projects

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In an ongoing series related to the Inflation Reduction Act (“IRA”), we have been looking at key provisions of the IRA with the potential to benefit the U.S. offshore wind industry. On April 5, 2023, the IRS issued Notice...more

Latham & Watkins LLP

IRS Clarifies Rules for Energy Community Bonus Tax Credits

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The Notice enables developers and investors to more easily determine the Energy Community status of projects. Key Points: ..The IRS and the Treasury Department have provided tables to assist in determining eligibility...more

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

Clean Energy Tax Incentives/Inflation Reduction Act: Environmental Organizations Submit Comments to the Internal Revenue Service

The Natural Resources Defense Council and 25 other environmental and climate advocacy organizations (collectively, “NRDC”) submitted November 4th comments to the United States Department of Treasury’s Internal Revenue Service...more

Paul Hastings LLP

U.S. Senate Passes Inflation Reduction Act

Paul Hastings LLP on

On August 7, after weeks of negotiations, the Senate voted 51-50 to pass a budget reconciliation package known as the Inflation Reduction Act (the “Bill”), introduced by Senators Joe Manchin (D‑WV) and Chuck Schumer (D‑NY) in...more

McDermott Will & Emery

BOEM Takes Specific Actions to Boost Offshore Wind Efforts under Biden Administration Executive Orders

Under US President Joe Biden’s recent climate change Executive Orders, the Biden-Harris Administration set US offshore wind plans in motion and set a goal of doubling US offshore wind leases in federal waters by 2030....more

Pillsbury Winthrop Shaw Pittman LLP

New Guidance from IRS Extends Safe Harbor for Offshore Wind and Federal Land Projects

The IRS issues anticipated continuity guidance providing relief to offshore wind developers and federal land projects. Offshore and federal land projects now have 10 years to be completed after the year in which...more

McGuireWoods LLP

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

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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

Orrick, Herrington & Sutcliffe LLP

Consolidated Appropriations Act Extends Construction Deadline for Tax Credits for Wind and Solar Projects

The Consolidated Appropriations Act, 2021 (the “Act”) was signed into law on December 27, 2020. The Act provided an extension of the beginning of construction deadline for the Production Tax Credit (“PTC”) for wind projects...more

Morrison & Foerster LLP

Offshore Wind Projects Receive Boost In Stimulus Bill And New IRS Notice

The rapidly growing offshore wind sector received a significant boost at the end of 2020, thanks to the creation of a new investment tax credit (“ITC”) for offshore wind projects and the issuance of an IRS notice extending...more

Latham & Watkins LLP

IRS Gives Offshore Wind and Federal Land Projects More Time to Qualify for Tax Credits

Latham & Watkins LLP on

Notice 2021-05 gives renewable energy developers 10 years to complete projects located offshore or on federal land. Key Points: ..Developers of offshore and federal land projects now have 10 years to complete their...more

McDermott Will & Emery

IRS Provides Relief for Offshore Wind and Federal Land Projects

New guidance from the Internal Revenue Service (IRS, the Service) extends the Continuity Safe Harbor to 10 years for both offshore wind projects and projects on federal land...more

Foley & Lardner LLP

IRS Releases Notice 2021-05 Extending Continuity Safe Harbor for Projects Constructed Offshore or on Federal Land

Foley & Lardner LLP on

The IRS has released Notice 2021-05, which extends the Continuity Safe Harbor detailed in Notice 2018-59 from 4 years to 10 years for offshore wind projects and renewable energy projects constructed on federal land. As such,...more

Mayer Brown

IRS Grants Beginning of Construction Relief for Offshore Renewable Projects and Renewable Projects on Federal Land

Mayer Brown on

On December 31, 2020, the US Treasury Department and the Internal Revenue Service (the “IRS”) issued Notice 2021-05 (the “Notice”), which provides relief for offshore renewable energy projects and renewable projects...more

McDermott Will & Emery

COVID-19 Stimulus Bill Includes Key Renewable Energy Tax Credits

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The US stimulus bill passed into law yesterday includes several key extensions and additions to the tax credits available for renewable energy. The bill had been agreed to by Congress early last week and signed into law by...more

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