President Donald Trump signed into law the One Big Beautiful Bill Act (OBBB) on July 4, 2025, marking a victory for his administration's ability to advance major policy priorities in his second term domestic agenda, including...more
8/14/2025
/ Charitable Organizations ,
Colleges ,
Donors ,
Educational Institutions ,
Excise Tax ,
Internal Revenue Code (IRC) ,
New Legislation ,
Nonprofits ,
One Big Beautiful Bill Act ,
Private Schools ,
Tax Credits ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Reform ,
Universities
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
Signed into law by President Donald Trump on July 4, 2025, the One Big Beautiful Bill Act (OBBB) contains extensive revisions to the U.S. Internal Revenue Code (Code). (For a comprehensive analysis of the bill, see Holland &...more
7/18/2025
/ Adoption ,
Deductions ,
Employee Benefits ,
Federal Budget ,
Gambling ,
Internal Revenue Code (IRC) ,
Native American Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Over-Time ,
Pensions ,
Social Security ,
Tax Credits ,
Tax Deductions ,
Tax-Exempt Bonds ,
Tipped Employees ,
Tribal Governments
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
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
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
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 Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Department of the Treasury charged with administering the Corporate Transparency Act (CTA), issued an interim final rule on March 21, 2025, that exempts...more
4/3/2025
/ Beneficial Owner ,
Corporate Transparency Act ,
Disclosure Requirements ,
Executive Orders ,
Filing Deadlines ,
FinCEN ,
Foreign Corporations ,
Foreign Entities ,
Interim Final Rules (IFR) ,
Reporting Requirements ,
Tribal Governments ,
Trump Administration
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
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 issued the Proposed Regulations on Oct. 9, 2024, providing long-awaited guidance on entities wholly owned by Tribal governments and organized or incorporated exclusively under the...more
1/10/2025
/ Corporate Taxes ,
Energy Tax Incentives ,
Federal Taxes ,
Indian Reorganization Act ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Tax Credits ,
Tax Exemptions ,
Tribal Corporations ,
Tribal Governments ,
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
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 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
The U.S. Department of the Treasury and IRS on Oct. 24, 2024, released Final Regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code. The Final Regulations are effective 60...more
The U.S. Department of the Treasury and IRS on Sept. 19, 2024, released proposed regulations under Section 30C of the Internal Revenue Code providing important clarity on the changes made by the Inflation Reduction Act (IRA)....more
10/8/2024
/ Alternative Fuels ,
Apprenticeships ,
Business Taxes ,
Charging Stations ,
Energy Storage ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Motor Vehicles ,
Prevailing Wages ,
Property Tax ,
Proposed Regulation ,
Public Comment ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Sept. 18, 2024, released proposed regulations under Section 30C of the Internal Revenue Code regarding the Alternative Fuel Vehicle Refueling Property Credit. The proposed...more
9/20/2024
/ Alternative Fuels ,
Apprenticeships ,
Comment Period ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
IRS ,
Motor Vehicles ,
Prevailing Wages ,
Proposed Regulation ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Sept. 17, 2024, issued Proposed Regulations on the Tribal General Welfare Exclusion Act of 2014 (the Act). The Proposed Regulations are an overdue win for Indian country,...more
9/19/2024
/ Advisory Committee ,
Audits ,
General Welfare Exclusion ,
Income Taxes ,
Indian Gaming ,
Indian Gaming Regulation Act ,
Information Reports ,
Internal Revenue Code (IRC) ,
IRS ,
Native American Issues ,
Proposed Regulation ,
Public Comment ,
Public Hearing ,
Safe Harbors ,
Tribal Governments ,
U.S. Treasury
The IRS on July 24, 2024, released Notice 2024-60, which provides Section 45Q guidance for utilization of carbon dioxide and other carbon oxides. The Notice addresses the information that must be included in the required life...more
8/12/2024
/ Administrative Review ,
Carbon Capture and Sequestration ,
Clean Air Act ,
Department of Energy (DOE) ,
Energy Sector ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Reporting Requirements ,
Tax Credits
The Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Department of the Treasury (Treasury Department) charged with administering the Corporate Transparency Act (the CTA), on Aug. 1, 2024, held a Tribal...more
8/9/2024
/ Beneficial Owner ,
Business Formation ,
Compliance ,
Corporate Governance ,
Corporate Transparency Act ,
Department of the Interior ,
Exemptions ,
FinCEN ,
Native American Issues ,
New Guidance ,
Reporting Requirements ,
Subsidiaries ,
Tribal Corporations ,
Tribal Governments