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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
Insight
Insight

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.

Published by Renewable Energy World

November 2, 2023
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 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”).

V&E Renewable Energy Update

February 14, 2023
Event Recap
Event Recap
Cyber and ransomware threats are a persistent concern for companies and governments, with even great escalation due to the conflict in Ukraine and additional sanctions placed on Russia.
September 13, 2022
Insight
Insight

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”).

August 12, 2022
Insight
Insight

On Sunday, August 7 the Senate passed the Inflation Reduction Act of 2022 (the Act) as part of the FY 2022 Budget Reconciliation bill.

August 8, 2022
Event Recap
Event Recap
In this program, Vinson & Elkins lawyers walk through notable climate and energy programs and clean energy tax provisions in the Act and unpack what this means for the future of renewable energy in the U.S.
August 4, 2022
Video
Insight
Insight

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.

August 1, 2022
Insight
Insight

On July 27, 2022, only a few hours after the Senate approved a bipartisan semiconductor and technology package, Senator Manchin made a stunning and well-timed reversal of his prior position and confirmed his support for various climate and energy programs. Senate Democrats (led by Senators Manchin and Schumer) quickly made legislative text available and submitted it to the Senate Parliamentarian for review.

July 28, 2022