Welcome to Vinson & Elkins’ Securities and ESG Updates.
On February 13, 2023, the Department of Treasury, along with the Internal Revenue Service and the Department of Energy, issued Notice 2023-17, establishing a program under section 48(e) of the Internal Revenue Code of 1986, as amended, to allocate the “Low-Income Community Bonus” that is available in connection with the Code section 48 Investment Tax Credit (the “ITC”) among eligible wind, solar, or storage projects.
On February 13, 2023, the Department of Treasury (the “Treasury”), along with the Internal Revenue Service (the “Service”) and the Department of Energy (the “DOE”), issued Notice 2023-18 (the “Notice”), establishing a program under section 48C(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), to allocate $10 billion of tax credits for qualifying investments in eligible advanced energy projects (the “Advanced Energy Project Credit”).
The Inflation Reduction Act of 2022 (IRA) represents one of the most sweeping pieces of climate policy legislation ever enacted in the United States.
When George W. Bush signed the Energy Policy Act of 2005 and the Energy Independence and Security Act of 2007, ethanol was hardly a household name, even though it had been used as a fuel since the early 1800s.
On August 12, 2022 – a little over two weeks after the legislation was announced and five days after it passed the Senate – the House passed the historic Inflation Reduction Act of 2022 (the “Act”).
The Inflation Reduction Act spending bill, reflecting compromise between Senator Joe Manchin and Majority Leader Chuck Schumer, contains several measures to bolster offshore wind and other renewable energy development in the United States.