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Prevailing Wages Investment Tax Credits

ASKramer Law

Energy Tax Credits for a New World Part VI: Energy Community Bonus Credits

ASKramer Law on

What is the purpose of the Energy Community Bonus Credit? The Inflation Reduction Act (IRA) introduced the Energy Community Bonus Credit to encourage renewable energy project developers to locate their facilities and energy...more

ASKramer Law

Energy Tax Credits For A New World Part IV: Prevailing Wage and Apprenticeship Bonus Credits

ASKramer Law on

Why did Congress provide bonus credits to a facility or a project that pays its workers “prevailing wages” and hires apprentices? Congress viewed the Inflation Reduction Act (IRA) as a way to not only move the United States...more

ASKramer Law

Energy Tax Credits For A New World Part III: Overview of Bonus Credits

ASKramer Law on

Why did the Inflation Reduction Act (IRA) reduce the base amounts of the energy tax credits? The IRA reduced base credit amounts from their pre-IRA levels to encourage energy projects to meet Congressional policy objectives....more

Vinson & Elkins LLP

The Very Timely PWA Requirements Finalized

Vinson & Elkins LLP on

On June 18, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (T.D. 9998) (the “Final Regulations”) regarding compliance with the prevailing wage...more

Mayer Brown

Final Regulations Issued on Prevailing Wage and Apprenticeship Requirements under the Inflation Reduction Act

Mayer Brown on

On June 18, 2024, the US Internal Revenue Service (“IRS”) and Department of the Treasury (“Treasury”) issued final regulations (“Final Regulations”) establishing rules for taxpayers intending to satisfy the prevailing wage...more

Orrick, Herrington & Sutcliffe LLP

Treasury and IRS Release Final Regulations on Prevailing Wage and Apprenticeship Requirements Under the Inflation Reduction Act

The U.S. Department of the Treasury and the Internal Revenue Service have released final regulations outlining how taxpayers can seek increased tax benefits by meeting prevailing wage and apprenticeship (PWA) requirements on...more

Williams Mullen

Four Revamped Tax Incentives with Real (Estate) Implications

Williams Mullen on

The Inflation Reduction Act of 2022 (the “IRA”) will disburse approximately $370 billion to spur private sector building decarbonization. As it relates to commercial real estate, there are at least four (4) key tax incentives...more

K&L Gates LLP

Highlights of Section 48 Investment Tax Credit Proposed Regulations

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

Pillsbury Winthrop Shaw Pittman LLP

Treasury Department and IRS Issue Proposed Regulations on the Energy Investment Tax Credit under Section 48 of the Internal...

The proposed regulations offer helpful guidance for taxpayers seeking to take advantage of the ITC under IRC section 48. The proposed regulations add new definitions to clarify the scope of recently added qualifying...more

King & Spalding

IRS and Treasury Issue Section 48 Investment Tax Credit Proposed Regulations

King & Spalding on

Section 48 of the Internal Revenue Code of 1986, as amended (the “Code”) provides for an investment tax credit (“ITC”) for certain energy property. The Inflation Reduction Act of 2022 (the “IRA”) amended Section 48 in several...more

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

Investment Tax Credit/Section 48: Internal Revenue Service Proposed Regulations Defining Energy Property

The Internal Revenue Service (“IRS”) has issued proposed regulations addressing certain issues arising under Section 48 of the Investment Tax Credit (“ITC”) for companies planning clean energy projects. The stated intent...more

Holland & Knight LLP

Breaking Down the Section 48 Investment Tax Credit Proposed Regulations

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The U.S. Department of the Treasury and IRS on Nov. 17, 2023, released long-awaited proposed regulations (Proposed Regulations) regarding the investment tax credit (ITC) under Section 48 of the Internal Revenue Code. Section...more

Cozen O'Connor

IRS Proposes Helpful Rules for Energy Tax Credits

Cozen O'Connor on

On November 22, 2023, the Internal Revenue Service published proposed regulations concerning Sections 48, 6417, and 6418. These proposed rules would affect the conditions for claiming energy credits, the amount of energy...more

Holland & Knight LLP

Section 48 Proposed Regulations Detail Treatment of Qualified Biogas Property

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The U.S. Department of the Treasury on Nov. 17, 2023, issued proposed regulations (Proposed Regulations) regarding the investment tax credit (ITC) under Section 48 of the Internal Revenue Code (Code) that, following passage...more

Foley & Lardner LLP

IRS Releases Long-Awaited Updates to Investment Tax Credit Regulations

Foley & Lardner LLP on

Late last week, the Internal Revenue Service (“IRS”) and Department of the Treasury released the long-awaited proposed regulations (the “Proposed Regulations”) relating to investment tax credits under Section 48 of the Code...more

BakerHostetler

Analysis of IRS Proposed Regulations Addressing the Renewable Energy Credit Prevailing Wage and Apprenticeship Requirements

BakerHostetler on

As covered in our prior alerts, the Inflation Reduction Act modified and reinstated existing renewable energy credits, enacted new renewable energy credits, and included a mechanism for certain tax credits to increase by a...more

Troutman Pepper

IRS Issues Proposed Regulations on Prevailing Wage and Apprenticeship Requirements under the IRA

Troutman Pepper on

The Treasury Department (Treasury) and the Internal Revenue Service (IRS) published proposed regulations on the prevailing wage and apprenticeship requirements under Section 45(b)(7) (Prevailing Wage Requirements) and (8)...more

King & Spalding

IRS Proposed Regulations and DOL Guidance Clarify Certain Aspects of the Prevailing Wage and Apprenticeship Requirements

King & Spalding on

The U.S. Department of Treasury (“Treasury”) and IRS issued proposed regulations (“Proposed Regulations”) on August 29, 2023, regarding increased credit or deduction amounts available under the Inflation Reduction Act of 2022...more

Paul Hastings LLP

Treasury Issues Long-Awaited Wage and Apprenticeship Regulations for Energy Tax Credits

Paul Hastings LLP on

The Inflation Reduction Act of 2022 introduced significant changes to the renewable energy tax credit landscape. One of the most notable of these changes, in addition to the broader goals of combating climate change and...more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release Proposed Regulations Regarding the Prevailing Wage and Apprenticeship Requirements

On August 29, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released a notice of proposed rulemaking and accompanying frequently asked questions (Proposed Regulations) regarding the...more

Stoel Rives LLP

Treasury Issues Proposed Regulations Regarding Prevailing Wage and Apprenticeship

Stoel Rives LLP on

The U.S. Department of the Treasury (Treasury) today released a notice of proposed rulemaking (Proposed Regulations) related to the prevailing wage and apprenticeship (PWA) requirements for increased tax credits established...more

Holland & Knight LLP

Treasury, IRS Issue Proposed Regulations on IRA Prevailing Wage and Apprenticeship Requirements

Holland & Knight LLP on

Ten months after the release of initial guidance, the U.S. Department of the Treasury and IRS on Aug. 29, 2023, issued proposed regulations regarding increased credit or deduction amounts available for taxpayers satisfying...more

Seward & Kissel LLP

Government Tax Incentives for Offshore Wind Investments

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Background Offshore wind investments have become increasingly popular within the renewable energy sector due to the vital role they play in the global transition to clean energy. United States congress has created federal tax...more

BCLP

Industry update: PWA guidance

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The Inflation Reduction Act (the “IRA”), which was signed into law in August of 2022, has been top of mind for members of the renewable energy industry. This is because, among other things, the IRA significantly restructured...more

Holland & Knight LLP

Inflation Reduction Act of 2022: Prevailing Wage and Apprenticeship Provisions

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The IRS is currently in the process of implementing the Inflation Reduction Act of 2022 (IRA), which addresses energy, tax and health policy. The IRA offers, among other incentives, tax credits to an array of organizations...more

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