News & Analysis as of

Internal Revenue Service Fossil Fuel

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.  
McDermott Will & Emery

IRS updates energy community eligibility lists

The Internal Revenue Service (IRS) has released its annual update to the list of energy communities eligible for the energy community bonus tax credit. Released as Notice 2025-31, the guidance updates...more

Foley Hoag LLP - Energy & Climate Counsel

Treasury and IRS Issue Guidance on Calculating Lifecycle GHG Emissions for IRA’s Sustainable Aviation Fuel Tax Credit

The IRA created substantial tax credits for SAF. Under Section 40B, SAF producers who meet certain requirements can claim a credit of at least $1.25 per gallon of SAF. Among other things, eligible SAF must achieve lifecycle...more

Vinson & Elkins LLP

Treasury Updates its Energy Community Guidance

Vinson & Elkins LLP on

On March 22, 2024, the Internal Revenue Service (IRS) issued additional guidance in respect of the “Energy Community Bonus” in Notice 2024-30 (the “Notice”), which provides two key updates: (1) offshore wind farms have two...more

Foley & Lardner LLP

Mexican Government Restricts Importation of Certain Fuels and Petrochemicals into Mexico

Foley & Lardner LLP on

On October 23, 2023, the Mexican President published in the Official Gazette of the Federation a Decree under which the Mexican Government implements measures to combat the illicit trading of fuels, related to the importation...more

Vinson & Elkins LLP

Treasury Quietly Changes Energy Community Guidance, Redefining Beginning of Construction Timing Rule

Vinson & Elkins LLP on

In what appears to have been an update to previously released guidance, the Department of Treasury (the “Treasury”) and Internal Revenue Service (the “IRS”) posted an unexpected update to Notice 2023-29 (the “Notice”)...more

Paul Hastings LLP

IRS Guidance Issued on Energy Community Bonus Credit

Paul Hastings LLP on

The Inflation Reduction Act of 2022 (the “IRA”) added and modified certain renewable energy tax credit provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).[1] The IRA additions included a new energy...more

Foley & Lardner LLP

IRS Releases Guidance on Energy Community Credit Adder

Foley & Lardner LLP on

On April 4, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) released Notice 2023-29 (the “Notice”) providing a high-level overview of the rules they intend to include in...more

Venable LLP

IRS Asks for Comment on Whether Existing Fossil-Based Hydrogen Production Methods Should be Eligible for the IRA Production Tax...

Venable LLP on

The Inflation Reduction Act (IRA) contained an enormous benefit - valued in the billions of dollars - for the U.S. hydrogen industry in the form of a Production Tax Credit (PTC) for “qualified” green hydrogen produced over...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

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