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
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
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
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
3/26/2021
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Market ,
Energy Projects ,
Energy Sector ,
Risk Management ,
Tax Credits ,
Tax Equity ,
Tax Liability ,
Tax Planning ,
Webinars
Many stakeholders have called for the United States to adopt a carbon tax. Such a tax could raise billions of dollars in annual revenue while simultaneously reducing greenhouse gas emissions. Several carbon tax proposals were...more
2/12/2021
/ Biden Administration ,
Carbon Emissions ,
Carbon Taxes ,
Charging Stations ,
Clean Air Act ,
Climate Change ,
Department of Energy (DOE) ,
Department of Environmental Protection ,
Fossil Fuel ,
Methane ,
New Legislation ,
Renewable Energy
The US House of Representatives Committee on Ways and Means has reintroduced the Growing Renewable Energy and Efficiency Now (GREEN) Act, which aims to extend tax credits for renewable energy and carbon capture projects. If...more
Under US President Joe Biden’s recent climate change Executive Orders, the Biden-Harris Administration set US offshore wind plans in motion and set a goal of doubling US offshore wind leases in federal waters by 2030....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 US stimulus bill passed into law yesterday includes several key extensions and additions to the tax credits available for renewable energy. The bill had been agreed to by Congress early last week and signed into law by...more
The Treasury Department and IRS recently published proposed regulations implementing the Section 45Q carbon capture and sequestration credit. The regulations clarify some questions about the credit, though many questions...more
6/16/2020
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Market ,
Energy Sector ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Proposed Regulation ,
Proposed Rules ,
Tax Credits ,
Tax Planning ,
Webinars
The Internal Revenue Service (IRS) has released a long-awaited proposed rule to implement section 45Q of the Internal Revenue Code, the statutory provision that creates a tax credit for capturing and sequestering carbon...more
6/9/2020
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Market ,
Energy Sector ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Proposed Regulation ,
Proposed Rules ,
Tax Credits ,
Tax Planning ,
Webinars
The Internal Revenue Service (IRS) has released a long-awaited proposed rule to implement section 45Q of the Internal Revenue Code, the statutory provision that creates a tax credit for capturing and sequestering carbon...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
President Trump’s May 1, 2020 Executive Order prohibiting certain transactions involving bulk-power system electric equipment developed, manufactured or supplied by a foreign adversary could have far-reaching implications for...more
McDermott continues to provide the latest market updates on the disruption and uncertainty in the energy industry. President Trump’s May 1, 2020, executive order prohibiting certain transactions involving bulk-power system...more
5/20/2020
/ Bulk Purchasing ,
Department of Energy (DOE) ,
Due Diligence ,
Electricity ,
Energy Market ,
Energy Projects ,
Energy Sector ,
Executive Orders ,
Foreign Adversaries ,
Investors ,
Manufacturers ,
Procurement Guidelines ,
Renewable Energy ,
Risk Mitigation ,
Suppliers ,
Tax Credits ,
Trump Administration ,
Utilities Sector ,
Webinars
Renewable energy project developers utilizing federal tax credits will likely get more time to complete work on projects. While more formal guidance is forthcoming, the renewables industry may see an extension of the safe...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
On June 20, 2019, the United States Court of Federal Claims published its long-awaited opinion in California Ridge Wind Energy, LLC v. United States, No. 14-250 C. The opinion addressed how taxpayers engaging in related party...more
6/27/2019
/ 1603 Grants ,
Burden of Persuasion ,
Burden of Proof ,
Energy Sector ,
Evidence ,
Fees ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Land Developers ,
Renewable Energy ,
Tax Credits ,
Wind Farm
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