On April 21, 2021, U.S. Senate Finance Committee Chairman Ron Wyden (D-Ore.) and 24 Democratic senators introduced the Clean Energy for America Act, which proposes to consolidate the current energy tax incentives available...more
The U.S. Department of the Treasury and IRS recently issued final regulations regarding carbon capture tax credits under section 45Q of the Internal Revenue Code, which amend and clarify the proposed regulations issued last...more
On May 28, 2020, the IRS issued proposed regulations regarding carbon capture tax credits under Section 45Q of the Internal Revenue Code. The proposed regulations provide rules on secure geological storage, credit recapture,...more
On Feb. 20, 2020, the IRS issued Notice 2020-12 and Revenue Procedure 2020-12 regarding carbon capture tax credits (IRC Section 45Q). Notice 2020-12 (the begin construction notice) provides guidance to determine when...more
2/25/2020
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On Dec. 17, 2019, the U.S. House of Representatives reached an agreement on a year-end tax package, which would extend or renew certain expired or expiring tax credits and other tax incentives. Some tax credits that had...more
The Internal Revenue Service recently published its annual notice providing the inflation adjustment factors and reference prices used in determining the amount of production tax credits (PTCs) for renewable energy and...more
In February 2018, the tax credit for carbon capture and sequestration under Section 45Q of the Internal Revenue Code (the carbon sequestration credit) received a significant boost from Congress in the Bipartisan Budget Act of...more
The recent enactment of the Bipartisan Budget Act of 2018 extended and significantly expanded the existing tax credit for carbon sequestration under Section 45Q of the Internal Revenue Code. Although the Section 45Q credit...more
On December 22, 2017, President Donald Trump signed into law the tax reform bill, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (H.R.1). The...more