Popular, IRS, Renewable Energy

Senate Version of One Big Beautiful Bill Act Clarifies Foreign Entity Restrictions on Renewable Energy Tax Credits

Husch Blackwell LLP on 6/25/2025

The Senate Finance Committee recently released its own draft of the “One Big Beautiful Bill Act” (the Bill) previously passed by the House as H.R. 1. Both the House and Senate versions of the Bill impose restrictions on...more

President Donald J. Trump’s Executive Orders and Actions Regarding Clean Energy and Climate Technologies (January 2025)

Wilson Sonsini Goodrich & Rosati on 2/3/2025

On January 20, 2025, President Donald Trump signed multiple executive orders that signal a distinct shift in U.S. clean energy and climate policy in favor of fossil fuels, nuclear, geothermal, and other technologies. These...more

Key Highlights of the Section 48 ITC Final Regulations

Holland & Knight LLP on 1/10/2025

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

Section 48 Energy Investment Tax Credit: Final Regulations Released

Orrick, Herrington & Sutcliffe LLP on 12/20/2024

The U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) have released final regulations for the energy investment tax credit (ITC) under Section 48 of the Internal Revenue Code, which was...more

Unlocking Clean Energy Investments: New Elective Payment Credits for State and Local Governments

Foster Garvey PC on 2/8/2024

State and local governments undertaking clean energy projects may be eligible for cash payments equal to the renewable electricity production tax credit or energy investment tax credit that would have been available to a...more

Treasury and IRS Propose Long-awaited Regulations for the Inflation Reduction Act’s Hydrogen Production Tax Credit (Section 45V)

Foley Hoag LLP on 1/8/2024

On December 22, 2023, the Department of Treasury and Internal Revenue Service (collectively, “IRS”) proposed new regulations for the Inflation Reduction Act’s (“IRA”) Hydrogen Production Tax Credit (“PTC”), otherwise known as...more

IRS and Treasury Issue Section 48 Investment Tax Credit Proposed Regulations

King & Spalding on 12/1/2023

Section 48 of the Internal Revenue Code of 1986, as amended (the “Code”) provides for an investment tax credit (“ITC”) for certain energy property. The Inflation Reduction Act of 2022 (the “IRA”) amended Section 48 in several...more

Treasury Releases a Swath of Guidance on the Investment Tax Credit

Vinson & Elkins LLP on 11/22/2023

On November 17, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations [REG-132569-17] regarding the definition of “energy property” and related rules...more

Proposed IRS Regulations on Tax Credits for Renewable-Energy Investments Include Wage and Apprenticeship Requirements

Jones Day on 10/11/2023

In Short - The Background: The Inflation Reduction Act provides for robust tax incentives on qualifying renewable-energy construction projects. In order to claim the full amount of such tax credits on qualifying projects,...more

Tax Credit and Grant Opportunities in the Inflation Reduction Act

Brownstein Hyatt Farber Schreck on 1/11/2023

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

Hydrogen-Related Provisions of the Inflation Reduction Act of 2022

King & Spalding on 8/11/2022

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

The Inflation Reduction Act — Incentives for Clean Motor Vehicles and Refueling Property

Orrick, Herrington & Sutcliffe LLP on 8/8/2022

The Inflation Reduction Act of 2022 (the “IRA”) released by U.S. Senate Democrats on July 27, 2022 would, if enacted, provide a number of financial incentives to encourage the purchase of electric and hydrogen fuel cell...more

Renewable Energy Update - July 2021

Allen Matkins on 7/8/2021

IRS extends safe harbor provisions for renewable energy projects impacted by COVID-19 - Renewables Now – June 30 - The Internal Revenue Service (IRS) has granted extra time to renewable energy projects impacted by the...more

Window Widens For Completing Construction On Renewable Energy Projects

Morrison & Foerster LLP on 7/7/2021

Good news came for renewable energy developers on June 29, 2021, when the IRS issued Notice 2021-41. The notice gives developers more time to finish projects and makes it easier to prove that they began construction on a...more

Treasury Finalizes Carbon Capture Tax Credit Regulations

Latham & Watkins LLP on 1/22/2021

The US Treasury Department and the IRS provided practical administrative rules for the carbon capture and sequestration tax credit. Key Points: ..The IRS finalized the third set of rules in a series of regulatory guidance...more

IRS Provides COVID-19 Relief for Renewable Energy Projects

Latham & Watkins LLP on 6/5/2020

Notice 2020-41 gives renewable energy developers more time to complete projects and eases technical requirements of the 3 ½ month rule. Key Points: ..Developers who started construction in 2016 or 2017 now have five years...more

Carbon Capture, Use, and Sequestration: Proposed Regulations Enable Taxpayers to Accelerate Projects

Akin Gump Strauss Hauer & Feld LLP on 6/4/2020

The Treasury Department and Internal Revenue Service (IRS) issued Proposed Regulations for carbon sequestration tax credits—under Section 45Q—addressing recapture risk and the availability of the credit when carbon is...more

IRS Releases Proposed Regulations for Carbon Sequestration Tax Credit

Morgan Lewis on 6/2/2020

The proposed regulations, released on May 28 and on which taxpayers may currently rely pending finalization, build on prior guidance for carbon capture and sequestration tax credits under Section 45Q of the Internal Revenue...more

IRS provides COVID-19-related relief for renewables

Eversheds Sutherland (US) LLP on 6/1/2020

On May 27, 2020, the IRS issued Notice 2020-41, which provides much needed COVID-19-related relief from workforce and supply chain issues impacting the renewable energy industry. The Notice provides the following: ..For PTC...more

IRS Provides Start-of-Construction Relief for Renewables in Light of COVID-19

Mayer Brown on 5/31/2020

On May 27, 2020, the US Internal Revenue Service (the “IRS”) released Notice 2020-41 (the “Notice”), updating the IRS guidance on the start-of-construction rules for the production tax credit (“PTC”) and energy investment tax...more

IRS Provides Relief for Renewable Energy Developers Encountering Construction Delays

Skadden, Arps, Slate, Meagher & Flom LLP on 5/29/2020

The Internal Revenue Service (IRS) recently released Notice 2020-41 (the Notice), providing important relief with respect to the beginning-of-construction requirement for the production tax credit (PTC) and the investment tax...more

Some Good News: New IRS Guidance for Renewable Energy Projects

White & Case LLP on 5/29/2020

IRS Notice 2020-41 provides relief for renewable energy projects that began construction in 2016 or 2017 by extending the “continuity safe harbor” to a five-year period....more

IRS Extends Safe Harbor for Renewable Energy Projects

Wilson Sonsini Goodrich & Rosati on 5/29/2020

On May 27, 2020, in response to the COVID-19 pandemic, the Internal Revenue Service (IRS) issued Notice 2020-41 to provide relief to taxpayers facing delays to their renewable energy projects....more

COVID-19: CARES Act Fails to Address Renewable Energy Industry’s Concerns But Path Forward with the IRS Remains

Mayer Brown on 5/7/2020

Background - As the COVID-19 pandemic continues to disrupt project development timelines generally, solar and wind projects that rely on federal income tax credits to obtain financing are particularly sensitive to...more

IRS Issues Private Letter Ruling Allowing Tax Equity Financing with a Regulated Utility Taxpayer

McDermott Will & Schulte on 12/3/2019

In Private Letter Ruling 201946007, the Internal Revenue Service (IRS) allowed a tax equity investor to participate with a regulated utility in a tax equity financing arrangement for wind investments without being subject to...more

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