On December 22, 2023, the Internal Revenue Service (IRS) published long-awaited proposed regulations for hydrogen tax credits under Internal Revenue Code (Code) Sections 45V and 48. The proposed regulations address many...more
1/8/2024
/ Clean Energy ,
Energy Sector ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Reform ,
Tax Credits
The Internal Revenue Service (IRS) has released initial guidance on the low-income adder to the investment tax credit (ITC) under Section 48(e) (Low-Income Bonus). The guidance, released in IRS Notice 2023-17 (Notice),...more
The US Department of the Treasury just released its guidance on the labor requirements that must be fulfilled in order to maintain the credit for the full amount for clean energy and infrastructure projects under the...more
11/30/2022
/ Apprenticeships ,
Clean Energy ,
Construction Project ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Investment Tax Credits ,
Investors ,
Labor Reform ,
Land Developers ,
New Guidance ,
Production Tax Credit ,
U.S. Treasury ,
Wage and Hour
During this webinar, Heather Cooper and Carl Fleming, partners in the McDermott’s energy & project finance group, teamed up with McDermott+Consulting’s Debra Curtis to break down the key opportunities and actionable steps...more
11/21/2022
/ Biden Administration ,
Climate Change ,
Energy Sector ,
Financing ,
Greenhouse Gas Emissions ,
Healthcare ,
Hospitals ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
Production Tax Credit ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
Tax Deductions ,
Tax Equity
Green hydrogen is a developing industry in the United States. The Inflation Reduction Act of 2022 (IRA), which includes $369 billion in energy and climate spending, even introduces a clean hydrogen production tax credit (PTC)...more
During this webinar, McDermott Partners Heather Cooper and Joel Hugenberger hosted Jay Chang, managing director at CCA Group, for a discussion on how the new technology-neutral tax credit will work and how it may impact the...more
On August 22, 2022, US President Joe Biden signed the Inflation Reduction Act of 2022 (the Act) into law, which includes $369 billion in energy and climate spending with an unprecedented focus on clean hydrogen. Specifically,...more
On August 31, McDermott Partners Heather Cooper and Philip Tingle provided a detailed review of the wage and apprentice, domestic content, transferability and direct provisions of the Inflation Reduction Act of 2022. They...more
Yesterday, the Internal Revenue Service (IRS) issued Notice 2021-41 (the Notice), providing relief for continuity requirements for the investment tax credit (ITC) under Section 48 and the production tax credit (PTC) under...more
The energy market has undergone significant change in the past 12 months, with even more on the horizon. Our webinar series explores how these changes have shaped—and will continue to impact—the energy industry, including...more
5/20/2021
/ Carbon Capture and Sequestration ,
Energy Market ,
Energy Policy ,
Energy Projects ,
Energy Sector ,
Energy Storage ,
Energy Tax Incentives ,
Investment Tax Credits ,
Legislative Agendas ,
Offshore Wind ,
Production Tax Credit ,
Proposed Legislation ,
Renewable Energy ,
Tax Legislation ,
Tax Rates
The energy market has undergone significant change in the past 12 months, with even more on the horizon. Join us for a webinar series as we explore how these changes have shaped—and will continue to impact—the energy...more
5/17/2021
/ Carbon Capture and Sequestration ,
Energy Market ,
Energy Policy ,
Energy Projects ,
Energy Sector ,
Energy Storage ,
Energy Tax Incentives ,
Investment Tax Credits ,
Legislative Agendas ,
Offshore Wind ,
Production Tax Credit ,
Proposed Legislation ,
Renewable Energy ,
Tax Legislation ,
Tax Rates ,
Webinars
2030 is the new 2050 as US President Joe Biden has officially set a new goal for fighting climate change over the next decade in the United States. At the Leaders Climate Summit (the Summit) on Earth Day, he announced that...more
4/28/2021
/ Biden Administration ,
Carbon Capture and Sequestration ,
Clean Energy ,
Climate Change ,
Energy Storage ,
Greenhouse Gas Emissions ,
Infrastructure Financing ,
Investment Tax Credits ,
Net Zero ,
Offshore Wind ,
Production Tax Credit ,
Renewable Energy ,
Tax Policy ,
Tax Rates ,
Tax Refunds
US Senate Finance Committee Chairman Ron Wyden (D-OR) introduced the Clean Energy for America Act (the Act), along with two dozen Democratic co-sponsors, on April 21, 2021. The Act will likely be a starting point for the...more
Earlier this week, a group of cross-party US senators introduced the Securing America’s Clean Fuels Infrastructure Act (the Act) to promote investments in clean vehicle infrastructure. The types of infrastructure supported by...more
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
The IRS yesterday released anticipated guidance extending the placed-in-service deadline for the Investment Tax Credit (ITC) and Production Tax Credit (PTC). Under Notice 2020-41, the “Continuity Safe Harbor” was extended to...more
Treasury and the IRS released initial guidance on the amended Section 45Q carbon oxide sequestration credit on February 19, 2020. Notice 2020-12 and Revenue Procedure 2020-12 provide guidance relating to the beginning of...more
On December 20, 2019, President Donald Trump signed into law the Further Consolidated Appropriations Act, 2020 (H.R. 1865), which included welcomed extensions for a number of energy tax incentives.
The legislation includes...more
12/24/2019
/ Energy Projects ,
Energy Sector ,
Energy Tax Incentives ,
Investment Tax Credits ,
New Legislation ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
Tax Planning ,
Time Extensions ,
Trump Administration
The US Senate yesterday passed a package of tax extenders as part of the year-end appropriations act that the US House of Representatives passed on December 17, 2019. President Trump is expected to sign the legislation before...more
12/20/2019
/ Energy Sector ,
Energy Tax Incentives ,
Income Taxes ,
Investment Tax Credits ,
Investors ,
Production Tax Credit ,
Renewable Energy ,
Tax Extensions ,
Tax Incentives ,
Tax Planning ,
Wind Power
On December 17, 2019, the US House of Representatives passed a year-end fiscal year 2020 spending bill for the federal government that includes a one-year extension of the production tax credit under Section 45 (PTC) for wind...more
In Private Letter Ruling 201946007, the Internal Revenue Service (IRS) allowed a tax equity investor to participate with a regulated utility in a tax equity financing arrangement for wind investments without being subject to...more
12/3/2019
/ Energy Sector ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Popular ,
Private Letter Rulings ,
Production Tax Credit ,
Public Utilities Commission ,
Renewable Energy ,
Revenue Procedures ,
Safe Harbors ,
Tax Equity Partnership
The IRS released Notice 2018-59 on June 22, providing guidance to taxpayers on how to begin construction on solar and other renewable energy projects. It provides a 4 year safe harbor period for solar projects to be placed in...more
As of February 9, 2018, the Bipartisan Budget Act of 2018 retroactively extended many energy related credits that expired December 31, 2016. The Act extended the investment tax credit under Code §48 through 2022 (with...more
The tax bill passed by Congress on December 20, 2017, contains many improvements for renewable energy from the original House draft of the tax reform bill, including retaining existing credits and reducing the impact of the...more
On December 2, 2017, the Senate approved its version of the Tax Cuts and Jobs Act. The Senate Bill includes the base erosion and anti-abuse tax, a new tax intended to apply to companies that significantly reduce their US tax...more