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 Dec. 1, 2023, released proposed rules under Section 30D of the Internal Revenue Code, the Clean Vehicle Tax Credit, as they relate to the definition of "foreign entity of...more
12/1/2023
/ Automotive Industry ,
Comment Period ,
Controlled Foreign Corporations ,
Foreign Entities ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
Proposed Regulation ,
Revenue Procedures ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Nov. 17, 2023, released long-awaited proposed regulations (Proposed Regulations) regarding the investment tax credit (ITC) under Section 48 of the Internal Revenue Code. Section...more
11/28/2023
/ Apprenticeships ,
Biomass ,
Emerging Technologies ,
Energy Projects ,
Energy Storage ,
Energy Tax Incentives ,
Geothermal Energy ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
Popular ,
Power Purchase Agreements ,
Prevailing Wages ,
Proposed Regulation ,
Renewable Energy ,
Solar Energy ,
Tax Credits ,
Wind Power
The U.S. Department of the Treasury on Nov. 17, 2023, issued proposed regulations (Proposed Regulations) regarding the investment tax credit (ITC) under Section 48 of the Internal Revenue Code (Code) that, following passage...more
11/21/2023
/ Alternative Fuels ,
Apprenticeships ,
Comment Period ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
Prevailing Wages ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Oct. 6, 2023, released proposed regulations on the transfer of clean vehicle credits under Internal Revenue Code Section 25E (for previously owned clean vehicles) and Section 30D...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 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 Chips and Science Act of 2022 (CHIPS Act) added Section 48D to the Internal Revenue Code to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment in the United States. The credit is equal...more
3/28/2023
/ Comment Period ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
New Guidance ,
Proposed Regulation ,
Semiconductors ,
Tax Credits ,
Tax Incentives ,
Technology Sector ,
U.S. Treasury
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 U.S. Senate on Aug. 7, 2022, passed the Inflation Reduction Act of 2022 (IRA). This comprehensive legislation is the result of many months of negotiations among Democrats to advance some of President Joe Biden's highest...more
8/8/2022
/ Administrative Agencies ,
Administrative Authority ,
Affordable Care Act ,
Biden Administration ,
Budget Reconciliation ,
Clean Energy ,
Climate Change ,
Corporate Counsel ,
Drug Pricing ,
Electric Vehicles ,
Energy Efficiency ,
Energy Sector ,
Environmental Policies ,
Federal Budget ,
Internal Revenue Code (IRC) ,
Medicare ,
Medicare Part D ,
Pending Legislation ,
Popular ,
Prescription Drugs ,
Regulatory Agencies ,
Renewable Energy ,
Superfund ,
Tax Incentives ,
Tax Revenues ,
Zero-Emission Vehicles
This Holland & Knight alert discusses the intersection of President Joe Biden's proposed changes to the U.S. tax code, as announced in connection with his fiscal year (FY) 2023 budget, and work underway on the global stage...more
The U.S. Supreme Court recently rendered a unanimous opinion holding that the Anti-Injunction Act (AIA) did not block a lawsuit brought by CIC Services against the Internal Revenue Service (IRS), delivering an important...more
6/3/2021
/ Administrative Procedure Act ,
Anti-Injunction Act ,
CIC Services LLC v IRS ,
Criminal Liability ,
Criminal Penalties ,
Federal Jurisdiction ,
Internal Revenue Code (IRC) ,
IRS ,
Notice and Comment ,
SCOTUS ,
Subject Matter Jurisdiction ,
Tax Penalties
With only weeks left before the 2020 election and U.S. Supreme Court confirmation hearings underway, nonprofit organizations may be considering whether and how they can engage. While some nonprofit organizations may engage in...more
As a result of the coronavirus (COVID-19) pandemic, several legislative and regulatory measures have been promulgated in an effort to assist businesses during the economic downturn. Below is a summary of the most important...more
The Internal Revenue Service (IRS) on May 22, 2019, issued much awaited guidance in Notice 2019-39. This Notice allows for refinancings or refundings by Native American tribal governments of Tribal Economic Development bonds...more
• Based on a new review of nonprofit hospitals by Senate Finance Committee Chairman Charles Grassley (R-Iowa), a congressional investigation is expected that directly requests a number of specific hospitals to answer...more
2/25/2019
/ 501(c)(3) ,
Affordable Care Act ,
Charitable Organizations ,
Congressional Investigations & Hearings ,
Congressional Oversight ,
Enforcement Actions ,
Health Care Providers ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Profit Hospitals ,
Section 501r ,
Senate Finance Committee ,
Tax Exempt Entities ,
Tax Liability
• 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
• The Internal Revenue Service (IRS) released IRS Notice 2019-09 (Notice) offering guidance under Section 4960 of the Internal Revenue Code as added by the Tax Cuts and Jobs Act.
• Section 4960 applies to certain...more
2/4/2019
/ Comment Period ,
Compensation & Benefits ,
Corporate Taxes ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Golden Parachutes ,
Interim Guidance ,
Internal Revenue Code (IRC) ,
IRS ,
Public Comment ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Exemptions ,
Tax Planning
• Holland & Knight previously published a three-part series describing the powerful new tax incentive contained in the Tax Cuts and Jobs Act for investments in low-income communities designated as "Opportunity Zones."
•...more
10/23/2018
/ Capital Gains ,
Economic Development ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
Low-Income Issues ,
New Guidance ,
Opportunity Zones ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Incentives ,
Tax Reform ,
Tribal Governments ,
U.S. Treasury
• Indian Country was disappointed in the Tax Cuts and Jobs Act of 2017's lack of inclusion of provisions that would put tribes on an equal footing with sovereign nations.
• In addition, modifications of the "Kiddie Tax"...more
• 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 Affordable Care Act (ACA) added significant new statutory requirements in 2010 that must be met by all hospitals seeking or maintaining exemption from federal income tax as Section 501(c)(3) organizations (charitable...more
2/9/2018
/ Affordable Care Act ,
Charitable Organizations ,
CHNA ,
Financial Assistance Policies ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Profit Hospitals ,
Section 501r ,
Statutory Requirements ,
Tax Exempt Entities ,
Tax Exemptions