The U.S. Department of the Treasury and IRS on Dec. 22, 2023, released proposed regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the Inflation...more
12/22/2023
/ Department of Energy (DOE) ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
U.S. Treasury ,
White Papers
The U.S. Department of the Treasury and IRS on Dec. 14, 2023, released Proposed Regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code. (See Holland& Knight's previous...more
12/18/2023
/ Batteries ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Minerals ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
U.S. Treasury ,
Wind Power
The IRS and U.S. Department of the Treasury released on Dec. 15, 2023, Notice 2024-06 regarding Section 40B of the Internal Revenue Code. Effective for fuel mixtures sold or used after Dec. 31, 2022, and before Jan. 1, 2025,...more
12/15/2023
/ Aviation Industry ,
Biomass ,
Department of Energy (DOE) ,
Diesel Fuel ,
Environmental Protection Agency (EPA) ,
Fuel Standards ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Renewable Fuel ,
Renewable Fuel Standard ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Aug. 29, 2023, announced proposed regulations regarding increased credit or deduction amounts for which taxpayers can qualify by meeting prevailing wage and registered...more
The second quarter of 2023 saw continued developments as a result of the enactment of the Inflation Reduction Act of 2022 (IRA), court activity and announcements from federal agencies. Below, we summarize the updates you need...more
7/27/2023
/ Energy Projects ,
Energy Sector ,
Energy Tax Incentives ,
Excise Tax ,
Grants ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
NPRM ,
Precedential Opinion ,
Production Tax Credit ,
Renewable Energy ,
Safe Harbors ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury (Treasury Department) and Internal Revenue Service (IRS) released much-anticipated guidance in the form of two notices of proposed rulemaking (NOPRs) regarding the direct payment of tax...more
6/27/2023
/ Energy Sector ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
NPRM ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
Temporary Regulations ,
Transfer of Interest ,
U.S. Treasury
The IRS on June 21, 2023, released 2023 production tax credit (PTC) amounts under Section 45 of the Internal Revenue Code. That guidance provides that: Section 45 allows a renewable energy PTC for generating electricity from...more
The IRS on June 15, 2023, updated its energy community bonus guidance by issuing Notice 2023-45 and Notice 2023-47. The IRS also recently issued energy community bonus guidance in Notice 2023-29. (For a summary of Notice...more
The U.S. Department of the Treasury and IRS on June 14, 2023, released two notices of proposed rulemaking (NOPRs) regarding the direct payment of tax credits under Section 6417 of the Internal Revenue Code (Elective Payment...more
6/15/2023
/ Carbon Capture and Sequestration ,
Clean Energy ,
Energy Projects ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
Federal Funding ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
NPRM ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
Transfer of Interest ,
Tribal Governments ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on May 31, 2023, released a Notice of Proposed Rulemaking (NPRM) regarding the low-income community bonus credit under Section 48 of the Internal Revenue Code. The NPRM requests...more
Following the release of energy community bonus credit and low-income community bonus credit guidance, the U.S. Department of the Treasury and IRS recently provided taxpayers with the domestic content bonus credit guidance....more
5/18/2023
/ Energy Sector ,
Energy Storage ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Made in the USA ,
Manufacturers ,
Production Tax Credit ,
Renewable Energy ,
Safe Harbors ,
Solar Energy ,
Steel Industry ,
Tax Credits ,
U.S. Treasury ,
Wind Power
Eyes on Energy Tax Update is a regular publication of the Holland & Knight Energy Tax Team that provides highlights of important energy tax developments. ...more
The U.S. Department of the Treasury and IRS have released several pieces of guidance regarding the tax incentives for clean vehicles provided under Sections 30D (new clean vehicle credit), 25E (previously owned vehicle...more
4/14/2023
/ Automotive Industry ,
Batteries ,
Comment Period ,
Electric Vehicles ,
Energy Tax Incentives ,
Inflation Reduction Act (IRA) ,
IRS ,
Lithium Batteries ,
Manufacturers ,
Mineral Extraction ,
NPRM ,
Supply Chain ,
Tax Credits ,
Tax Incentives ,
U.S. Treasury ,
Zero-Emission Vehicles
After much anticipation, the Internal Revenue Service (IRS) released guidance regarding the energy community bonus credit under Sections 45, 48, 45Y and 48E, which also is applicable for purposes of Section 48C. The guidance...more
Reinstated by the Inflation Reduction Act of 2022 (IRA), Section 48C of the Internal Revenue Code provides $10 billion in credits for qualifying advanced energy projects, $4 billion of which must be allocated projects located...more
The Treasury Tribal Advisory Committee (TTAC) on Dec. 3, 2019, will hold its third periodic meeting at the U.S. Department of the Treasury in Washington, D.C. During this meeting, members will: Directly following the TTAC...more
The Tribal Treasury Advisory Committee (TTAC) held its inaugural meeting on June 20, 2019, at the U.S. Department of the Treasury. The TTAC was established by the Tribal General Welfare Exclusion (GWE) Act of 2014 (Pub. L....more
7/1/2019
/ Corporate Governance ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Native American Issues ,
Opportunity Zones ,
Public Comment ,
State and Local Government ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tribal Corporations ,
Tribal Governments ,
U.S. Treasury
• With Democrats taking control of the U.S. House of Representatives, tax provisions affecting tribal governments and their members are once again on the table for discussion.
• This notice provides an overview of seven...more
2/5/2019
/ Affordable Care Act ,
Deferred Compensation ,
Estate Planning ,
General Welfare Exclusion ,
Health Insurance ,
Income Taxes ,
Indian Gaming ,
Indian Tribal Trusts ,
Internal Revenue Code (IRC) ,
IRS ,
Minors ,
Native American Issues ,
Non-Taxable Income ,
Opportunity Zones ,
Savings Plans ,
Social Security ,
Tax Audits ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Taxable Distributions ,
Tribal Governments
• President Donald Trump on Dec. 22, 2017, signed the Tax Cuts and Jobs Act, the first major overhaul of the U.S. tax system in over 30 years.
• Although few of the enacted provisions are specific to Indian Country, several...more
2/26/2018
/ Affordable Care Act ,
General Welfare Exclusion ,
Grantor Trusts ,
Health Insurance ,
Homeowners ,
Income Taxes ,
Indian Gaming ,
Indian Health Service (IHS) ,
Indian Tribal Trusts ,
Internal Revenue Code (IRC) ,
IRS ,
Minors ,
Native American Issues ,
Property Tax ,
Restructuring ,
Safe Harbors ,
SALT ,
State Taxes ,
Tax Audits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Incentives ,
Tax Rates ,
Tax Reform ,
Taxable Distributions ,
Tribal Governments ,
Tribal Lands ,
Trump Administration
The U.S. Senate passed its version of a bill to overhaul the U.S. tax code on Dec. 2, 2017, and is now working with the House of Representatives to reconcile its bill with the House's version, passed in November. The goal of...more
As the Republican-led Congress and White House move forward on the repeal of the Affordable Care Act (ACA) and major tax-reform legislation, there are several new opportunities that may benefit tribal governments and their...more
2/1/2017
/ Affordable Care Act ,
Charitable Donations ,
Gaming Revenues ,
General Welfare Exclusion ,
Health Insurance ,
Healthcare ,
Indian Gaming ,
Internal Revenue Code (IRC) ,
IRS ,
Low-Income Issues ,
Native American Issues ,
Premium Subsidies ,
Tax Code ,
Tax Rates ,
Tribal Governments ,
Trump Administration
With the top tax bracket at nearly 40 percent, Indian tribes making substantial per capita distributions are asking what they can do to reduce their members’ tax liabilities. One option to consider is a deferred per capita...more
9/14/2015
/ 401k ,
Deferred Compensation ,
Income Taxes ,
Indian Gaming ,
IRS ,
Savings Accounts ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax-Deferred Exchanges ,
Tribal Governments
On April 16, 2015, the Internal Revenue Service ("IRS") released Notice 2015-34, its first guidance on general welfare since President Obama signed the Tribal General Welfare Exclusion Act (the "Act") into law in September...more
On Sept. 26, 2014, President Obama signed into law a measure that excludes from taxable income various general welfare payments to members of Indian tribes.
One of the last pieces of legislation agreed upon by the...more
After receiving more than 120 written comments on how the IRS should apply the general welfare exclusion to Indian tribal government programs, the IRS has issued final guidance detailing how tribal programs may take advantage...more