News & Analysis as of

Internal Revenue Service Biden Administration Renewable Energy

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Baker Botts L.L.P.

Final Section 45V Clean Hydrogen Production Tax Credit Regulations: A Closer Look

Baker Botts L.L.P. on

On January 3, 2025, the Internal Revenue Service (“IRS”) and the Department of the Treasury (“Treasury”) released long-awaited final regulations regarding the clean hydrogen production tax credit under section 45V of the...more

Jones Day

New Guidance on the Commercial EV Tax Credit

Jones Day on

In one of their final sets of guidance under President Biden, the Department of Treasury and the IRS released proposed regulations for the tax credit under Section 45W, which is available for purchasing electric vehicles for...more

Sullivan & Worcester

Treasury Department/Internal Revenue Service Delay in Issuing Guidance Means Hydrogen Producers Remain Uncertain About Tax Credit...

Sullivan & Worcester on

Overview of the federal Inflation Reduction Act - The Inflation Reduction Act (IRA or Act), signed by President Biden on August 16, 2022, includes the largest Congressional investment in U.S. history to facilitate the...more

King & Spalding

Field Guide to Clean Hydrogen

King & Spalding on

Hydrogen is a key ingredient in any country’s future energy plans. In the United States, the hydrogen sector is on the launch pad, ready for lift-off. However, its trajectory hinges on a critical question: what criteria...more

Eversheds Sutherland (US) LLP

Treasury and the IRS provide initial guidance on section 48C ITC for manufacturers

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

Brownstein Hyatt Farber Schreck

Tax Credit and Grant Opportunities in the Inflation Reduction Act

On Aug. 16, 2022, President Joe Biden signed the $750 billion Inflation Reduction Act (IRA) into law. Originally introduced as the Build Back Better Act in September of 2021, this cornerstone of the Biden legislative agenda...more

Foley & Lardner LLP

Made in the USA - IRA Tax Credits for Renewable Energy Component Manufacturers

Foley & Lardner LLP on

The passage of the Inflation Reduction Act (IRA) this past August saw the introduction of a number of new and expanded tax credits aimed at onshoring American manufacturing...more

Mayer Brown

IRS Requests Comments on Various Aspects of Energy Tax Credits

Mayer Brown on

On October 5, 2022, the U.S. Internal Revenue Service (IRS) issued six notices requesting comments on various aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act. Here is list of, and...more

Mayer Brown

Tax Credits for Electric Vehicles: What’s Changed with the US IRA?

Mayer Brown on

President Biden signed the Inflation Reduction Act of 2022 (the “IRA”) into law on August 16, 2022. Among other things, the IRA expands the federal income tax credits available to promote the development and use of renewable...more

King & Spalding

Hydrogen-Related Provisions of the Inflation Reduction Act of 2022

King & Spalding on

The Inflation Reduction Act of 2022, passed by the Senate on August 7, 2022, includes a number of provisions projected to result in significant investments in domestic energy production and manufacturing, and reduce carbon...more

Holland & Knight LLP

The Green Book and Green Energy

Holland & Knight LLP on

Since the beginning of his presidential campaign, President Joe Biden has made clear his vision to drive the United States toward world leadership in green energy. With tax policy long an important tool in the toolbox for...more

Davis Wright Tremaine LLP

Will Energy Storage See Federal Support Under the Biden Administration?

Efforts to introduce investment tax credit (ITC) incentives to support and accelerate the deployment of energy storage in the United States are gaining traction in Congress and the Biden Administration....more

Holland & Hart LLP

Will Congress Recast the Economics of Renewable Energy Project Development and Investment?

Holland & Hart LLP on

As the 117th Congress works to enact legislation implementing President Biden’s “Build Back Better Recovery Plan,” extending and expanding current renewable energy tax incentives will be an integral part of the discussion....more

McDermott Will & Schulte

BOEM Takes Specific Actions to Boost Offshore Wind Efforts under Biden Administration Executive Orders

Under US President Joe Biden’s recent climate change Executive Orders, the Biden-Harris Administration set US offshore wind plans in motion and set a goal of doubling US offshore wind leases in federal waters by 2030....more

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