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Insight

On March 5, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (the “Final Direct Pay Regulations”) regarding the direct pay election for certain tax credits available under section 6417 of the Internal Revenue Code of 1986, as amended (the “Code”).

V&E Inflation Reduction Act of 2022 Update

March 6, 2024
Event Recap
Event Recap
Partners Alan Alexander, Lauren Collins, Michael Joyce, Jorge Medina and Sean Moran and associate Hoo Ray delivered a webinar titled "RNG Tax Credits 101 and Credit Market Update".
January 31, 2024
Video
Insight
Insight

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”).

November 21, 2023
Event Recap
Event Recap
Attorneys from our Employment, Labor and OSHA and Tax groups discussed the prevailing wage and apprenticeship requirements in the Inflation Reduction Act.
October 26, 2023
Video
Insight
Insight

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).

 

September 5, 2023
Insight
Insight

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.

August 14, 2023
Insight
Insight

On June 14, 2023, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations and temporary regulations regarding the direct pay election for certain tax credits available under section 6417 of the Internal Revenue Code of 1986, as amended (the “Code”).

V&E Renewable Energy Update

June 16, 2023
Insight
Insight

Taxpayers have anxiously been awaiting clarity on energy community status based on the 2022 unemployment rates to establish location in an energy community through metropolitan statistical area (“MSA”) or non-metropolitan statistical area (“non-MSA”).

V&E Renewable Energy Update

June 16, 2023
Insight
Insight

On June 14, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed and temporary regulations regarding the transfer elections for certain tax credits available under section 6418 of the Internal Revenue Code of 1986, as amended (the “Code”).

V&E Renewable Energy Update

June 15, 2023
Insight
Insight

On May 31, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Notice 2023-44 (the “Notice”), providing additional guidance on the program established 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”).

V&E Renewable Energy Update

June 2, 2023
Insight
Insight

On May 31, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Proposed Treasury Regulations 110412-23 (the “Proposed Regulations”), providing additional guidance on the “Low-Income Communities Bonus” available under section 48(e) of the Internal Revenue Code of 1986, as amended (the “Code”), for eligible wind, solar, and storage projects.

V&E Renewable Energy Update

June 2, 2023
Insight
Insight

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.

February 15, 2023