Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note. Each week we pull together the items we deem most important to...more
On July 1, 2025, the Senate passed One Big Beautiful Bill (OBBB) in a 51-50 vote, with Vice President J.D. Vance casting a tiebreaker vote. Although the House of Representatives previously passed its own version of OBBB (see...more
7/7/2025
/ China ,
Clean Energy ,
Energy Policy ,
Energy Projects ,
Federal Budget ,
Foreign Entities ,
Inflation Reduction Act (IRA) ,
New Legislation ,
Popular ,
Renewable Energy ,
Tax Credits ,
Trump Administration
The House of Representatives narrowly passed the One Big Beautiful Bill along party lines. The proposed bill would terminate or otherwise make significant changes to several of the energy tax credits created or expanded by...more
On December 26, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) pertaining to the clean hydrogen production credit (Clean Hydrogen...more
12/29/2023
/ Anti-Abuse Rule ,
Clean Energy ,
Electricity ,
Energy Projects ,
Energy Sector ,
Energy Storage ,
Hydrogen Power ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Utilities Sector
On November 17, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) relating to eligible energy property that qualifies for the section 48...more
On August 29, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) on the clean energy prevailing wage and apprenticeship (PWA) requirements...more
9/14/2023
/ Apprenticeships ,
Clean Energy ,
Climate Change ,
Davis-Bacon Act ,
Energy Projects ,
Energy Sector ,
Federal Contractors ,
Inflation Reduction Act (IRA) ,
IRS ,
Labor Regulations ,
Prevailing Wages ,
Proposed Regulation ,
Renewable Energy ,
Subcontractors ,
Tax Credits ,
U.S. Treasury
On June 14, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued guidance on several topics related to tax credit monetization under the Inflation Reduction Act of 2022 (IRA),...more
7/3/2023
/ Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
Transfer of Interest ,
U.S. Treasury
On May 12, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released Notice 2023-38 to provide guidance on the domestic content requirements under IRC sections 45, 45Y, 48, and 48E....more
5/15/2023
/ Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
New Guidance ,
Production Tax Credit ,
Proposed Regulation ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
On April 4, 2023, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-29(the Notice) to provide additional guidance on energy community bonus tax credits under IRC sections 45, 45Y,...more
4/11/2023
/ CERCLA ,
Coal-Fired Plants ,
Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Safe Harbors ,
Tax Credits
On February 13, 2023, the Department of Treasury (Treasury) and the Internal Revenue Service (Service) issued Notice 2023-17 (Notice), establishing the 48(e) Low-Income Communities Bonus Credit Program (Program) with respect...more
3/13/2023
/ Community Development ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Low Income Housing ,
Low-Income Issues ,
New Guidance ,
Solar Energy ,
Tribal Lands ,
U.S. Treasury ,
Wind Power
On February 13, 2023, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-18 (Notice), which establishes the program to allocate $10 billion of tax credits that were added by the...more
2/17/2023
/ Biden Administration ,
Clean Energy ,
Climate Change ,
Energy Projects ,
Energy Tax Incentives ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Manufacturers ,
Production Tax Credit ,
Renewable Energy ,
U.S. Treasury
On June 29, 2021, the IRS issued Notice 2021-41, which provides a further extension of the continuity safe harbor and revises the “facts and circumstances” rules:
..For PTC and ITC-eligible projects for which...more
7/1/2021
/ Energy Projects ,
Energy Sector ,
Investment Tax Credits ,
IRS ,
Physical Work Test ,
Production Tax Credit ,
Project Finance ,
Renewable Energy ,
Renewable Energy Incentives ,
Safe Harbors ,
Solar Energy ,
Time Extensions ,
U.S. Treasury ,
Wind Power
The Internal Revenue Service (IRS) recently published a notice providing the inflation-adjustment factors and reference prices to be used in the calculation of renewable energy production tax credits under Internal Revenue...more
On May 5, 2016, the Internal Revenue Service (IRS) issued Notice 2016-31, which updates prior guidance regarding the beginning of construction requirement for IRC sections 45 and 48 renewable energy tax credits following...more
5/6/2016
/ Begun Construction Test ,
Energy Projects ,
Guidance Update ,
Internal Revenue Code (IRC) ,
IRS ,
Physical Work Test ,
Protecting Americans from Tax Hikes (PATH) Act ,
Renewable Energy Incentives ,
Safe Harbors ,
Tax Credits ,
Wind Power