Wind and solar projects placed in service after 2027 would not be eligible for the clean electricity production or investment credit unless construction starts within one year of the date of enactment of the legislation....more
Wind and solar projects placed in service after 2027 would not be eligible for the clean electricity production or investment credit, and a new excise tax of up to 50% for wind and 30% for solar would be imposed on wind and...more
Most tax credits would be subject to early termination dates and phase-outs. The House bill would end the ability to sell tax credits for cash, but the Senate Finance Committee proposal would restore transferability. New...more
Under the final regulations, taxpayers are permitted to produce eligible components using recycled materials.
Components which are sold and then later become defective will not be considered defective components for...more
The proposed regulations provide the initial guidance for new tax credits that go into effect in 2025 for clean electricity facilities using various technologies that achieve net-zero greenhouse gas (GHG) emissions.
Under...more
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
1/2/2024
/ Clean Energy ,
Department of Energy (DOE) ,
Energy Tax Incentives ,
European Commission ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury ,
Zero Emission Credits
The proposed regulations provide important clarity on the distinction between substantial and superficial modification for purposes of determining eligible components produced by the taxpayer, along with guidance as to...more
12/22/2023
/ Anti-Abuse Rule ,
Clean Energy ,
Component Parts Doctrine ,
Engineering ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
Minerals ,
Proposed Legislation ,
U.S. Treasury
The proposed regulations add new definitions to clarify what is required under foreign entity of concern (FEOC) compliance.
The Revenue Procedure provides guidance to qualified manufacturers on reporting and other...more
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
The proposed regulations adopt the Department of Labor’s published rates for prevailing wages for the relevant type of construction in the geographic location of the project.
The proposed regulations provide additional...more
9/12/2023
/ Apprenticeships ,
Construction Industry ,
Davis-Bacon Act ,
Department of Labor (DOL) ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Penalties ,
Prevailing Wages ,
Proposed Regulation ,
Recordkeeping Requirements ,
Safe Harbors ,
U.S. Treasury
The new law generally imposes a 15% alternative minimum tax on book income of corporations with book income in excess of $1 billion.
Public companies will generally be subject to a 1% excise tax on stock buybacks. ...more
8/26/2022
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
CFCs ,
Corporate Taxes ,
Excise Tax ,
Financial Statements ,
Inflation Reduction Act (IRA) ,
IRS ,
Joe Biden ,
OECD ,
Private Equity Firms ,
Proposed Rules ,
Share Buybacks ,
Shareholders ,
Tax Reform