On January 20, 2025, President Trump issued several Executive Orders and memoranda (the “EOs”) signaling a significant policy shift favoring robust and market-based energy production (mostly relying on fossil fuels), while...more
1/27/2025
/ Carbon Capture and Sequestration ,
Clean Water Act ,
Defense Production Act ,
Department of Energy (DOE) ,
Endangered Species Act (ESA) ,
Energy Sector ,
Environmental Policies ,
Environmental Protection Agency (EPA) ,
Executive Orders ,
Fossil Fuel ,
Infrastructure ,
Investment Tax Credits ,
Liquid Natural Gas ,
Mineral Exploration ,
NEPA ,
Oil & Gas ,
Regulatory Reform
Since the enactment of the Inflation Reduction Act of 2022 (the “IRA”) in the United States, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) have issued notices of proposed regulations...more
3/13/2024
/ Administrative Procedure Act ,
Congressional Review Act ,
Department of Energy (DOE) ,
Department of Labor (DOL) ,
GAO ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Members of Congress ,
Notice of Proposed Rulemaking (NOPR) ,
OIRA ,
OMB ,
Policies and Procedures ,
Production Tax Credit ,
Public Comment ,
Rulemaking Process ,
SCOTUS
The trajectory of the hydrogen sector in the United States hinges on a critical question: what criteria will be used to define the term “clean hydrogen” for tax purposes?
As previously outlined in our Field Guide to Clean...more
1/11/2024
/ Clean Air Act ,
Department of Energy (DOE) ,
Environmental Protection Agency (EPA) ,
EU ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
New Guidance ,
Popular ,
Production Tax Credit
Section 48 of the Internal Revenue Code of 1986, as amended (the “Code”) provides for an investment tax credit (“ITC”) for certain energy property. The Inflation Reduction Act of 2022 (the “IRA”) amended Section 48 in several...more
12/1/2023
/ Apprenticeships ,
Energy Projects ,
Energy Storage ,
Hydrogen Power ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Popular ,
Prevailing Wages ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
U.S. Treasury
The U.S. Department of Treasury (“Treasury”) and IRS issued proposed regulations (“Proposed Regulations”) on August 29, 2023, regarding increased credit or deduction amounts available under the Inflation Reduction Act of 2022...more
9/11/2023
/ Apprenticeships ,
Books & Records ,
Compliance ,
Davis-Bacon Act ,
Department of Labor (DOL) ,
Federal Contractors ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Penalties ,
Prevailing Wages ,
Production Tax Credit ,
Proposed Regulation ,
Recordkeeping Requirements ,
Subcontractors ,
U.S. Treasury ,
Wage and Hour
Developers of renewable energy projects prior to the Inflation Reduction Act of 2022 (the “IRA”) were able to enter into joint ventures and leasing arrangements with other private companies that had a sufficient tax liability...more
8/17/2023
/ Carbon Capture and Sequestration ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
Investors ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
IRS Notice 2023-29 (the “Notice”) provides initial guidance on “energy community” tax credit bonuses. The Notice describes certain relevant rules and concepts that the Treasury and IRS intend to include in forthcoming...more
The Inflation Reduction Act of 2022 (the Act) included multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding Client Alert. Many of these provisions became...more
2/23/2023
/ Apprenticeships ,
Davis-Bacon Act ,
Department of Energy (DOE) ,
Department of Labor (DOL) ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
Prevailing Wages ,
Production Tax Credit ,
Solar Energy ,
Wind Power
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act). The Act includes multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding...more
10/5/2022
/ Clean Energy ,
Energy Sector ,
Energy Storage ,
Energy-Efficiency Tax Credits ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Solar Energy ,
Tax Credits ,
Wind Power
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act). The Act includes multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding...more
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act). The Act includes multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding...more
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act). The Act includes multiple tax benefits for hydrogen production, storage and utilization, summarized in the following King & Spalding...more
The Inflation Reduction Act of 2022, passed by the Senate on August 7, 2022, includes a number of provisions projected to result in significant investments in domestic energy production and manufacturing, and reduce carbon...more
8/11/2022
/ Biden Administration ,
Carbon Capture and Sequestration ,
Carbon Emissions ,
Department of Energy (DOE) ,
Department of Labor (DOL) ,
Energy Sector ,
Fossil Fuel ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Popular ,
Price Inflation ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury