News & Analysis as of

Tax Credits Offshore Wind Investment Tax Credits

Paul Hastings LLP

What’s Next for French Offshore Wind Power? Blowin’ in the Wind

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Is stormy weather on the horizon for the offshore wind energy industry? The combination of rising supply costs, increased interest rates and significant execution risk has hurt the profitability of projects and led some...more

Vinson & Elkins LLP

Treasury Updates its Energy Community Guidance

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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

K&L Gates LLP

Recent Treasury Proposed Regulations' Application to Qualified Offshore Wind Properties

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On 17 November 2023, the US Department of the Treasury (Treasury Department) and Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) updating rules for the investment tax credit (ITC) under Code1...more

Troutman Pepper Locke

Treasury Issues Proposed Regulations ‎‎on Expanded ITC Under Inflation Reduction Act, ‎Boosting ‎‎Storage, Offshore Wind

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On November 17, 2023, the Internal Revenue Service (“IRS”) and the U.S. Treasury Department (“Treasury”) issued Proposed Treasury Regulations (REG-132569-17) (the “Proposed Regulations”) providing guidance and amending...more

Latham & Watkins LLP

IRS Clarifies Rules for Energy Community Bonus Tax Credits

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The Notice enables developers and investors to more easily determine the Energy Community status of projects. Key Points: ..The IRS and the Treasury Department have provided tables to assist in determining eligibility...more

Troutman Pepper Locke

Brownfields and the Deep Blue Sea: ‎Offshore Wind Development and the IRA’s Energy ‎Communities ‎Provisions

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What generates clean power, is located in an Energy Community and is entirely surrounded by water? If you answered “an offshore wind farm along the coast of the United States,” you would likely curry much favor with the...more

Troutman Pepper Locke

Bridging the Gaps: Will the IRA Really ‎‎Be a Game Changer for Offshore Wind?‎

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The excitement surrounding the passage of the Inflation Reduction Act (“IRA”) was perhaps felt nowhere as strongly as among proponents of the US offshore wind industry. From project developers to original equipment...more

Paul Hastings LLP

Impact of Inflation Reduction Act on Electricity Transmission and Offshore Wind Development

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On August 16, President Biden signed the Senate budget reconciliation package known as the Inflation Reduction Act of 2022 (“IRA”), which was approved by the U.S. House of Representatives on August 12....more

Gray Reed

Renewable Energy Tax Credits: Green Energy Saving Greenbacks

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The world needs energy, and increasingly more of it, but people are becoming concerned that the production of energy be done responsibly. A growing trend involves efforts to create more energy from renewable sources in hopes...more

Bracewell LLP

Changes to Renewable and Carbon Capture Tax Credits under the Consolidated Appropriations Act, 2021

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On December 22, 2020, the U.S. House and Senate approved the Consolidated Appropriations Act, 2021 (the 2021 Act) and, on December 27, 2020, President Trump signed the 2021 Act into law. The 2021 Act extends tax credits...more

Pillsbury Winthrop Shaw Pittman LLP

Tax Extenders Included in the Stimulus Bill Poised to Provide a Boost to Renewables

After a week of uncertainty, on Sunday night, President Trump signed the $900 billion stimulus deal and $1.4 trillion government funding bill that was passed by Congress early last week. The legislation includes many...more

Latham & Watkins LLP

COVID-19 Tax Relief Package Extends Renewable Power and Carbon Capture Tax Credits

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Congress extends tax credits for certain renewables, and expands tax credits for offshore wind and waste energy recovery. Key Points: ..Production tax credits for onshore and offshore wind projects are extended at a 60%...more

Eversheds Sutherland (US) LLP

Congress unveils energy tax extenders

Congress is moving towards passing The Taxpayer Certainty and Disaster Relief Act of 2019 (Extenders Bill). If enacted, the Extenders Bill would extend certain tax credits for the renewable energy and alternative fuels...more

Bracewell LLP

From Sunrise to Sunset: Phasing-Out the Renewable Energy Tax Credits

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While corporate tax reform and reduced tax rates were the hallmark of sweeping 2017 legislation (the Tax Cuts and Jobs Act, or TCJA), and thus the focus of the media and tax professionals, the renewables industry was largely...more

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