On August 15, 2025, the Internal Revenue Service (IRS) issued Notice 2025-42 to address the beginning of construction (BOC) requirements for solar and wind projects under sections 45Y and 48E of the Internal Revenue Code...more
Recently, Maine Governor Janet Mills signed legislation renewing and expanding Maine’s New Markets Capital Investment Program and Historic Tax Credit Program. These changes should be welcomed by businesses, nonprofits, and...more
When Congress enacted the One Big Beautiful Bill Act (the Bill), it permanently established, with some modifications, the federal Opportunity Zone tax incentive program (the OZ Program). Below is a summary of the current OZ...more
7/11/2025
/ Business Taxes ,
Compliance ,
Corporate Taxes ,
Investment ,
New Legislation ,
One Big Beautiful Bill Act ,
Opportunity Zones ,
Real Estate Development ,
Real Estate Investments ,
Tax Credits ,
Tax Incentives ,
Tax Reform
On July 3, 2025, Congress approved a version of the “One Big Beautiful Bill Act” (the Bill), which significantly impacts the energy tax credits enacted under the Inflation Reduction Act of 2022 (IRA). President Trump held a...more
Proposed tax regulations to be released this year may clarify whether agricultural land contaminated with per- and polyfluoroalkyl substances (PFAS) qualify for a federal tax credit that would incentivize renewable energy...more
9/11/2024
/ CERCLA ,
Energy Projects ,
Energy Tax Incentives ,
Hazardous Substances ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
PFAS ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The U.S. Department of Treasury, Internal Revenue Service (IRS) and Department of Energy (DOE) announced that the portal for applying for the 2024 low-income communities, or environmental justice, bonus investment tax credit...more
5/30/2024
/ Department of Energy (DOE) ,
Energy Policy Act ,
HUD ,
Investment Tax Credits ,
IRS ,
Low-Income Issues ,
Solar Energy ,
Tax Credits ,
Tribal Lands ,
USDA ,
Wind Power
The Treasury Department and IRS recently issued final regulations on the transfer of certain credits to implement the transferability provisions of the Inflation Reduction Act (IRA), which take effect on July 1, 2024....more
5/23/2024
/ Automated Clearing House (ACH) ,
Energy Tax Incentives ,
Final Guidance ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Regulatory Requirements ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
On August 12, 2022, Congress passed the Inflation Reduction Act of 2022 (“Act” or “IRA”), a $400 billion legislative package containing significant tax and other government incentives for the energy industry, in particular...more
8/16/2022
/ Energy Projects ,
Energy Sector ,
Energy Tax Incentives ,
Investment Tax Credits ,
Popular ,
Production Tax Credit ,
Renewable Energy ,
Renewable Energy Incentives ,
Solar Energy ,
Tax Credits ,
Wind Power
On June 30, 2021, Maine Revenue Services (MRS) published a Tax Alert describing changes to COVID-19 tax relief programs following the end of Maine’s state of civil emergency, also on June 30. Below is a summary of the key...more
On October 16, 2020, Maine Governor Janet Mills issued a press release addressing several COVID-19-related tax issues, and Maine Revenue Services today issued guidance providing further details....more
10/20/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Double Taxation ,
Filing Deadlines ,
Governor Mills ,
Income Taxes ,
State of Emergency ,
State Taxes ,
Tax Credits ,
Withholding Tax
On May 27, 2020, the IRS issued Notice 2020-41, which responds to industry-wide supply chain disruptions due to the COVID-19 pandemic by giving renewable energy developers additional time to complete their projects. Most...more
5/31/2020
/ Begun Construction Test ,
Biomass ,
Energy Projects ,
Geothermal Energy ,
Hydropower ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Qualified Energy Facilities ,
Renewable Energy ,
Safe Harbors ,
Solar Energy ,
Tax Credits ,
Wind Power
On January 12, 2020, Governor Janet Mills signed L.D. 1645, establishing a Maine affordable housing tax credit (AHTC). The Maine State Housing Authority (MaineHousing) will be tasked with administering and allocating $80...more
2/18/2020
/ Affordable Housing ,
Critical Infrastructure Sectors ,
Homeless Issues ,
Housing Market ,
Low-Income Issues ,
New Legislation ,
Real Estate Development ,
Rental Property ,
Rural Areas ,
Rural Development ,
State and Local Government ,
Tax Credits ,
Urban Planning & Development
In a major victory for the renewable energy industry, Congress recently passed, and the President signed into law, two significant pieces of tax legislation, the Protecting Americans from Tax Hikes (PATH) Act and the...more
Congress recently passed two significant pieces of tax legislation: (1) the Protecting Americans from Tax Hikes (PATH) Act, which extended or made permanent various expired or expiring tax provisions, and (2) the...more
The Supplemental Budget just released by the Legislature (LD 1843), if passed as written, may hurt Pine Tree Zone Business as well as businesses that engage in a substantial amount of research and development in Maine....more