The Department of the Treasury and Internal Revenue Service (IRS) published proposed regulations (the “Proposed Regulations”) providing further guidance on the prevailing wage and apprenticeship requirements for clean energy...more
On June 14, 2023, the IRS and Treasury issued proposed regulations (the “Proposed Regulations”) under two novel provisions of the Inflation Reduction Act of 2022 (the “IRA”) designed to promote capital investment in renewable...more
The Inflation Reduction Act of 2022 (the “IRA” or the "Act”) introduces several provisions which may well be of interest to battery manufacturers. Most of these are contained in the new “Advanced Manufacturing Production...more
The Inflation Reduction Act of 2022 (the “IRA”) released by U.S. Senate Democrats on July 27, 2022 would, if enacted, provide a number of financial incentives to encourage the purchase of electric and hydrogen fuel cell...more
On January 6, 2021, the IRS issued final regulations relating to section 45Q. This is the fourth piece of guidance from the IRS relating to section 45Q, following IRS Notice 2020-12, Revenue Procedure 2020-12, the Proposed...more
1/29/2021
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Critical Infrastructure Sectors ,
Energy Projects ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
IRS ,
Production Tax Credit ,
Tax Credits ,
Tax Planning ,
Urban Planning & Development
Background. - While the fossil fuel industry continues to enjoy a number of tax incentives, a new generation of tax incentives were enacted in the early 2000s to promote the use of renewable energy. These include the...more
9/23/2020
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Projects ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Real Estate Development ,
Renewable Energy ,
Tax Credits ,
Tax Planning
On September 21, the United States Energy Association (“USEA”), on behalf of the Department of Energy Office of Fossil Energy, released a comprehensive report on the current state of carbon capture, utilization, and...more
The IRS issued guidance in February 2020 for the Section 45Q tax credit program, which is aimed at supporting carbon capture and sequestration. The guidance reflected comments received by the IRS in response to Notice...more
On March 18, 2020, the Families First Coronavirus Response Act (the “Act”) was signed into law. The Act covers a range of emergency relief items, from expanded paid family, medical and sick leave to coverage of COVID-19...more
On May 2, 2019, the Internal Revenue Service ( the “IRS”) released Notice 2019-32 (the “Notice”) which requested comments for Carbon Oxide Sequestration Section 45Q of the Internal Revenue Code....more
Section 45Q Tax Credits Internal Revenue Code Section 45Q provides a tax credit for the sequestration or use of qualified carbon oxides (“COx”), including CO2. Although Section 45Q was enacted in 2008, there was uncertainty...more