Much has been said about the need for countries and companies to build a low-carbon global economy.
On February 15, 2022, the Biden administration announced a slew of low carbon emissions initiatives for the industrial sector in support of the administration’s goal to achieve a net-zero economy.
As widely reported by the press, it appears that the Build Back Better Act is at an impasse following Senator Joe Manchin’s statements that he would not vote for the bill. Our prior coverage can be found here.
Early on December 11, 2021, the Senate Finance Committee released its version of the Build Back Better Act (the “Act”). While the Senate Finance Committee version of the Act largely replicates the clean energy proposals included in the version of the Act the House passed on November 19, 2021, it does include a few substantive revisions along with clean-up changes to the legislative text.
Early on November 19, 2021, the House passed H.R. 5376, the Build Back Better Act (the “Act”) along partisan lines. Passage came after the Congressional Budget Office released projections on the overall net cost of the package.
Faced with opposition from within his own party, President Biden last week unveiled a new, pared down framework for his “Build Back Better” agenda.
The IRS published Revenue Ruling 2021-13 on July 1, 2021, addressing a series of issues on the Section 45Q tax credit for carbon capture projects.
In December 2020, the Norwegian government approved funding the $1.6 billion Northern Lights project led by Norway’s Equinor, Anglo-Dutch Shell and France’s Total.
At long last, the IRS has proposed regulations governing expanded tax credits for capturing carbon oxide (CO) before it enters the atmosphere.