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 applicable to the energy credit (the “Proposed Regulations”) available under section 48 of the Internal Revenue Code of 1986, as amended (the “Code”).
The Bipartisan Infrastructure Law (“BIL”) and Inflation Reduction Act (“IRA”) allocated $97 billion to the Department of Energy (“DOE”) to fund energy-related projects, which has spurred the DOE to create numerous new grant and loan programs.
On August 29, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued proposed regulations (the “Proposed Regulations”) providing proposed rules governing the prevailing wage and apprenticeship requirements (together, the “Labor Requirements”) impacting a broad swath of clean energy tax credits included in the Inflation Reduction Act of 2022 (the “IRA”) (i.e., sections 30C, 45, 45L, 45U, 45Q, 45V, 45Y, 45Z, 48, 48C, 48E, and 179D1 of the Internal Revenue Code of 1986, as amended).
In a concerted effort to meet the Biden administration’s aggressive carbon-reduction goals, the Department of Energy (“DOE”) unveiled a pre-publication copy of a forthcoming proposed rule on August 10, 2023, aimed at fast-tracking the development of high-voltage electric transmission facilities.
On August 10, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued final regulations (the “Final Regulations”) providing additional guidance to taxpayers on the “Low-Income Communities Bonus” (“LICB”) available under section 48(e) of the Internal Revenue Code of 1986, as amended.
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.
Offshore wind developers have poured billions of dollars into securing leases in state and federal waters in recent months, with many more billions to be spent developing wind assets to support ambitious state and federal goals for the energy transition.
Should hazardous liquids pipelines be prepared to operate “manually” in the event of a future cyberattack?
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.
On February 14, 2022, the Department of Energy (“DOE”) issued two Requests for Information (“RFI”) related to its rollout of significant hydrogen programs.