Congress passed the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act (ADVANCE Act) in June 2024, which includes several provisions to encourage the development of nuclear energy infrastructure....more
The application process for the first round of funding for the Section 48C credit will open May 31, 2023. The IRS will issue additional guidance on the program before the application process opens but the application window...more
The Inflation Reduction Act of 2022 (IRA) created several new tax incentives to encourage the development of clean energy projects that would benefit specific communities. Among these incentives, Congress included a tax...more
On Aug. 16, 2022, President Joe Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. This alert provides a summary of the IRA’s impact on...more
The IRS recently issued Notice 2021-05, which extends the continuity safe harbor to 10 years for offshore wind projects and renewable energy projects constructed on federal land. Under prior IRS guidance, most renewable...more
As discussed in detail in a previous McGuireWoods alert, on May 1, 2020, President Trump issued Executive Order 13920 (EO) prohibiting the acquisition, importation, transfer or installation of certain equipment tied to a...more