The IRS on July 21, 2025, released Notice 2025-37, announcing the inflation-adjusted credit amounts for calendar year 2025 applicable to tax credits available under Internal Revenue Code Sections 45U, 45V and 45Z, which were...more
7/24/2025
/ Clean Energy ,
Energy Policy ,
Energy Projects ,
Environmental Policies ,
Hydrogen Power ,
Income Taxes ,
Inflation Adjustments ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Nuclear Power ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits
The U.S. Congress has enacted the One Big Beautiful Bill Act (OBBB), formally renamed "An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14." President Donald Trump signed the legislation into law on...more
7/21/2025
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Controlled Foreign Corporations ,
Excise Tax ,
Foreign Derived Intangible Income (FDII) ,
Foreign Tax Credits ,
G7 ,
GILTI tax ,
International Remittance Transfers ,
International Tax Issues ,
Multinationals ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Incentives ,
Tax Legislation ,
Tax Reform
President Donald Trump issued an executive order (EO) on July 7, 2025, regarding "Ending Market Distorting Subsidies for Unreliable, Foreign Controlled Energy Sources." The EO follows the signing into law of the One Big...more
7/10/2025
/ Clean Energy ,
Climate Change ,
Energy Policy ,
Energy Tax Incentives ,
Executive Orders ,
New Legislation ,
Regulatory Requirements ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
U.S. Treasury ,
Wind Power
In an announcement that had been anticipated for the past few days and will be welcomed by many industry stakeholders, U.S. Treasury Secretary Scott Bessent said late on June 26, 2025, that he has asked leaders in the U.S....more
6/27/2025
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Foreign Investment ,
G7 ,
International Tax Issues ,
OECD ,
Proposed Legislation ,
Regulatory Reform ,
Secretary of the Treasury ,
Senate Finance Committee ,
Taxation ,
U.S. Treasury
The IRS released additional guidance on June 23, 2025, in the form of Notice 2025-31 (Notice) regarding the energy community bonus credit under Sections 45, 48, 45Y and 48E of the Internal Revenue Code. The Notice follows...more
As of June 12, 2025, individuals and businesses can register to receive information on the Trump Gold Card – a proposed alternative or possible replacement to the EB-5 visa, also known as the Immigrant Investor Visa. ...more
The U.S. Senate Committee on Finance on June 16, 2025, released legislative text within its jurisdiction for inclusion in the Senate Republicans' budget reconciliation bill. This is the Senate's response to the One Big...more
6/18/2025
/ Budget Reconciliation ,
Clean Energy ,
Energy Policy ,
Energy Storage ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
Production Tax Credit ,
Proposed Legislation ,
Renewable Energy ,
Senate Finance Committee ,
Tax Credits
As Republicans in the U.S. Senate now consider the reconciliation bill, they will need to consider what tax provisions contained in the One Big Beautiful Bill (OBBB), passed by the U.S. House of Representatives on May 22,...more
6/12/2025
/ Digital Wallets ,
Excise Tax ,
Federal Budget ,
Financial Services Industry ,
FinTech ,
Foreign Nationals ,
Immigration ,
International Remittance Transfers ,
International Tax Issues ,
IRS ,
OECD ,
Proposed Legislation ,
U.S. Treasury
The IRS on May 23, 2025, released 2025 production tax credit (PTC) amounts under Section 45 of the Internal Revenue Code. The guidance provides that: Section 45 allows a renewable energy PTC for generating electricity from...more
The U.S. House of Representatives passed the "One Big Beautiful Bill" on May 22, 2025, by a vote along party lines. The bill will now be taken up by the U.S. Senate. This Holland & Knight alert summarizes certain key...more
The IRS recently released an updated Form 4255, Certain Credit Recapture, Excessive Payments, and Penalties, which is used to report the amount due for certain credit recaptures, excessive payments, excessive credit transfers...more
The IRS issued Notice 2025-08 on Jan. 16, 2025, which provides updated guidance regarding the domestic content requirements under Sections 45, 48, 45Y and 48E of the Internal Revenue Code – the investment tax credits and...more
The U.S. Department of the Treasury and IRS on Jan. 10, 2025, released initial guidance regarding the production tax credit (PTC) for clean fuels under Section 45Z of the Internal Revenue Code, as enacted by the Inflation...more
On his first day in office, among the numerous Executive Orders (EO) released, President Donald Trump announced the America First Trade Policy EO designed to prioritize American interests in international trade and tax and,...more
1/31/2025
/ America First Trade Policy ,
Corporate Taxes ,
Executive Orders ,
International Tax Issues ,
International Trade ,
OECD ,
Section 301 ,
Tariffs ,
Tax Reform ,
Trump Administration ,
U.S. Treasury ,
US Trade Policies
Under Section 6417 of the Code, as enacted by the Inflation Reduction Act (IRA), certain taxpayers that fall within the statutory definition of "applicable entities" are allowed to elect to receive a direct payment (i.e.,...more
The U.S. Department of the Treasury and IRS on Jan. 3, 2025, released Final Regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the Inflation...more
The U.S. Department of the Treasury and IRS released initial guidance on Jan. 10, 2025, regarding the production tax credit (PTC) for clean fuels under Section 45Z of the Internal Revenue Code, as enacted by the Inflation...more
1/13/2025
/ Department of Energy (DOE) ,
Energy Projects ,
Energy Tax Incentives ,
Fuel Standards ,
Greenhouse Gas Emissions ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Prevailing Wages ,
Production Tax Credit ,
Renewable Fuel ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Dec. 12, 2024, issued Final Regulations regarding the investment tax credit (ITC) for Section 48 of the Internal Revenue Code, including the ITC for energy generation, energy...more
1/10/2025
/ Clean Energy ,
Energy Sector ,
Energy Storage ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Interconnections ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Popular ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
More than 25 years ago, Congress enacted Internal Revenue Code Section 6751(b) to protect taxpayers from the IRS using penalties as a bargaining chip in an effort to coerce taxpayers to settle. Generally, Section 6751(b)...more
The U.S. Department of the Treasury and IRS on Jan. 3, 2025, released final regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the Inflation...more
1/3/2025
/ Department of Energy (DOE) ,
Final Rules ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Tax Credits ,
U.S. Treasury
The Internal Revenue Service (IRS) sent thousands of taxpayers a letter, alerting them of an unauthorized inspection or disclosure of their tax return or return information by a former IRS contractor, Charles Littlejohn....more
Following the results of the 2024 elections, Republicans will have unified control of the federal government with President-Elect Donald Trump's inauguration on Jan. 20, 2025, and the seating of the 119th Congress on Jan. 3,...more
The U.S. Department of the Treasury and IRS on Oct. 28, 2024, published final regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code (Final Regulations)....more
11/8/2024
/ Energy Projects ,
Energy Sector ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
Production Tax Credit ,
Suppliers ,
Tax Credits ,
U.S. Treasury
President-Elect Donald Trump is poised to expand upon policies he implemented during his first term in office, such as those emphasizing limited government, states' rights and lower taxes. Additionally, it is anticipated that...more
11/8/2024
/ Affirmative Action ,
Affordable Care Act ,
Canada ,
Centers for Disease Control and Prevention (CDC) ,
Climate Change ,
Critical Infrastructure Sectors ,
DACA ,
Defense Sector ,
Deregulation ,
Educational Institutions ,
Election Results ,
Energy Policy ,
Environmental Protection Agency (EPA) ,
Food and Drug Administration (FDA) ,
Foreign Policy ,
Immigration Procedures ,
Income Taxes ,
Mexico ,
National Institute of Health (NIH) ,
NATO ,
Public Health ,
Public Schools ,
SALT ,
Tariffs ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Title IX ,
Transportation Industry ,
Trump Administration ,
US Trade Policies ,
USDA ,
Veterans
The Chips and Science Act of 2022 (CHIPS Act) added Section 48D to the Internal Revenue Code (Code) to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment in the U.S. The credit is equal to...more
10/30/2024
/ Final Guidance ,
Final Rules ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
Manufacturing Facilities ,
Semiconductors ,
Tax Credits ,
Technology Sector ,
U.S. Commerce Department ,
U.S. Treasury