4 Key Takeaways | Harnessing the Inflation Reduction Act: Driving Investments in Renewable Energy and Carbon Reduction
On September 3, 2024, the Internal Revenue Service (“IRS”) and the Department of the Treasury (“Treasury”) published proposed regulations relating to the Clean Electricity Low-Income Communities Bonus Credit Program (the...more
On May 29, 2024, the Treasury Department (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations (REG-119283-23) (the “proposed regulations”) regarding the clean electricity production...more
The U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) have modified a framework relating to renewable energy projects that qualify for the domestic content bonus tax credit (the “DC Adder”)...more
The U.S. Department of the Treasury (Treasury) today released Notice 2024-41, Domestic Content Bonus Credit Amounts under the Inflation Reduction Act of 2022: Expansion of Applicable Projects for Safe Harbor in Notice 2023-38...more
On April 25, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (the Final Regulations) regarding the election to transfer energy tax credits under Section...more
The final regulations adopt the provisions of the previously proposed regulations with modest modifications and clarifications. The registration portal for transferring tax credits is open, and no significant changes have...more
Beginning with taxes levied for collection in 2025, a newly enacted Washington property tax statute provides an exemption from the state-imposed portion of personal property tax for qualified personal property used for the...more
The Inflation Reduction Act of 2022 (the “IRA”) now allows firms to develop and sell clean energy tax credits. Sales are officially underway....more
On December 22, 2023, the IRS activated an online portal (the “Registration Portal”) where users can register clean energy projects and investments, which can then be used to claim energy tax credits which are directly...more
Members of the K&L Gates Hydrogen, Power, Tax, and Tax Policy teams speak with Sandi Safro Osborn, Assistant General Counsel of the Edison Electric Institute, about the proposed regulations the Treasury Department and...more
Join Partners Heather Cooper and Christopher Gladbach next Tuesday for an insightful discussion on the nuances of the Internal Revenue Services’ (IRS) recent guidance on the clean hydrogen tax credit. They’ll shed light on...more
Among other things, the proposed regulations would: Below is a more detailed summary of the key provisions in the proposed regulations as well as our initial observations. The IRS will collect comments until January 22, 2024,...more
The Inflation Reduction Act of 2022 (the “IRA”) now allows firms to develop and sell clean energy tax credits. The IRA also increased the amount of existing energy tax credits that are now eligible for sale, such as the...more
It has been just over a year since the Inflation Reduction Act (“IRA” or “The Act”) was passed. This monumental piece of legislation for the clean energy industry provides hundreds of billions of dollars to build a clean...more
In Short - The Background: The Inflation Reduction Act provides for robust tax incentives on qualifying renewable-energy construction projects. In order to claim the full amount of such tax credits on qualifying projects,...more
Balch partners Audrey Momanaee, Chris Still and Jesse Unkenholz discussed key considerations and legal issues associated with the development of renewable energy and storage projects at the Association of Corporate Counsel...more
The Inflation Reduction Act of 2022 provides for the transferability of certain renewable energy tax credits, including the investment tax credit (ITC). As preliminary additional guidance was just recently released by the...more
The proposed rules for monetizing tax credits should catalyze energy transition markets and offer an alternative to tax equity transactions. On June 14, 2023, the IRS issued proposed rules for how it intends to administer...more
The Treasury Department and Internal Revenue Service (IRS) have released Notice 2023-44 and proposed regulations to provide long-anticipated guidance on the application procedures for the Section 48C(e) credit and for the...more
The U.S. Department of the Treasury (Treasury) earlier this week issued two notices of proposed rulemaking (the Proposed Regulations) related to the election to transfer certain tax credits (the Tax Credit Transfer Election)...more
The IRS and Department of Treasury released the long-anticipated Notice of Proposed Rulemaking (NPRM) for ways to monetize tax credits included in the administration’s Inflation Reduction Act (IRA). The proposed rules, which...more
The Inflation Reduction Act of 2022 (the “IRA” or “Act”) added and modified several renewable energy tax provisions under the Internal Revenue Code of 1986, as amended (the “IRC”).[1] These changes provide many opportunities...more
Under the Inflation Reduction Act (“IRA”), the investment tax credit (“ITC”) may be increased if the applicable energy property qualifies for certain bonus levels, including an increased ITC energy percentage of up to 10% or...more
By now, you are likely aware that the federal government is making the largest investment in climate and energy improvements in American history, known as the Inflation Reduction Act (IRA). The IRA allocates funding to...more
The U.S. Department of the Treasury (Treasury) earlier this week issued a notice of proposed rulemaking regarding the up to 20 percentage point additional investment tax credit (ITC) for certain solar and wind facilities...more