The IRS has released Notice 2021-05, which extends the Continuity Safe Harbor detailed in Notice 2018-59 from 4 years to 10 years for offshore wind projects and renewable energy projects constructed on federal land. As such,...more
Congress has extended and expanded renewable energy tax benefits as part of the comprehensive COVID relief bill passed on December 21, 2020 and now awaiting President Trump’s signature. The relief bill passed by large...more
Due to supply chain disruptions related to the COVID-19 pandemic, the IRS released Notice 2020-41 (the “Notice”), which grants two beginning construction-related extensions for renewable energy projects that produce...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed by the President on March 27, 2020, includes several provisions affecting taxes.
SEC. 2201. 2020 Recovery Rebates for Individuals...more
3/30/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief ,
Unemployment Insurance
On February 20, 2020, the IRS issued its first round of guidance regarding the carbon sequestration tax credit found in Section 45Q (the “Section 45Q Credit”) of the Internal Revenue Code of 1986 (as amended, the “Code”) in...more
3/12/2020
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Projects ,
Greenhouse Gas Emissions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
New Guidance ,
Oil & Gas ,
Partnerships ,
Revenue Procedures ,
Safe Harbors ,
Tax Credits ,
Tax Planning
On December 20, 2019, the President signed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Act”), which extends the current production tax credit (PTC) for wind for an additional year. The Act extends the...more
1/6/2020
/ Biomass ,
Energy Projects ,
Energy Sector ,
Geothermal Energy ,
Hydropower ,
Marine Hydrokinetic (MHK) Energy ,
Offshore Wind ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
Wind Power
Recognizing that, in some situations, a plan to develop or construct a facility or energy property may raise significant national security concerns, the IRS released Notice 2019-43 (which may be found here) on July 12, 2019,...more
7/16/2019
/ Construction Industry ,
Construction Project ,
Department of Defense (DOD) ,
Energy Projects ,
Investment Tax Credits ,
National Security ,
Production Tax Credit ,
Real Estate Development ,
Renewable Energy ,
Safe Harbors ,
Tolling
The IRS recently issued Notice 2018-59 (the “Notice”) which provides clarification to “beginning of construction” for taxpayers seeking to take advantage of the section 48 renewable electricity investment tax credit (ITC) for...more
7/9/2018
/ Begun Construction Test ,
Bipartisan Budget ,
Energy Projects ,
Energy Sector ,
Investment Tax Credits ,
IRS ,
New Guidance ,
Physical Work Test ,
Production Tax Credit ,
Renewable Energy ,
Safe Harbors ,
Wind Power
The IRS just published its annual notice that provides the inflation adjustment factors and reference prices used in determining the amount of the section 45 production tax credit (PTC) for the production of renewable energy...more
Early this morning, the House and Senate voted to pass a budget deal that included $17 billion in tax provisions, ending a short overnight government shutdown. The bill (H.R. 1892) extends the investment tax credit (ITC) to...more
December 22, President Trump signed the $1.5 trillion Tax Cuts and Jobs Act (TCJA) into law, marking the first major overhaul of the U.S. tax code in over 30 years. ...more