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2 months ago | 
mondaq.com | Bryan Marcelino |Bradley Seltzer |Nicole Elliott |Elizabeth C. Crouse
HK Holland & Knight More Holland & Knight is a global law firm with nearly 2,000 lawyers in offices throughout the world. Our attorneys provide representation in litigation, business, real estate, healthcare and governmental law. Interdisciplinary practice groups and industry-based teams provide clients with access to attorneys throughout the firm, regardless of location. The U.S. Department of the Treasury and IRS on Nov.
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Jun 28, 2024 | 
mondaq.com | Nicole Elliott |Bryan Marcelino |Mary Nicholson |Roger David Aksamit
The U.S. Department of the Treasury and IRS recently issued
proposed regulations under the new Internal Revenue Code Section
45Y Clean Electricity Production Tax Credit (PTC) and Section 48E
Clean Electricity Investment Tax Credit (ITC).
The technology-neutral Section 45Y PTC and Section 48E ITC were
enacted as part of the Inflation Reduction Act of 2022 and
generally replace the existing Section 45 PTC and Section 48 ITC
for certain property placed in service after Dec. 31, 2024.
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Jun 25, 2024 | 
lexology.com | Amish Shah |Nicole Elliott |Bryan Marcelino |Mary Nicholson |Roger David Aksamit |Bradley Seltzer
HighlightsThe U.S. Department of the Treasury and IRS recently issued proposed regulations under the new Internal Revenue Code Section 45Y Clean Electricity Production Tax Credit (PTC) and Section 48E Clean Electricity Investment Tax Credit (ITC). The technology-neutral Section 45Y PTC and Section 48E ITC were enacted as part of the Inflation Reduction Act of 2022 and generally replace the existing Section 45 PTC and Section 48 ITC for certain property placed in service after Dec. 31, 2024.
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Jun 13, 2024 | 
mondaq.com | Nicole Elliott |Bradley Seltzer |Bryan Marcelino |Mary Nicholson
The IRS released additional guidance on June 7, 2024, in the
form of Notice 2024-48 (Notice) regarding the energy
community bonus credit under Sections 45, 48, 45Y and 48E of the
Internal Revenue Code. The Notice follows prior guidance issued in
Notice 2023-29 (clarified by Notice 2023-45), Notice 2023-47 and
Notice 2024-30 and provides two new appendices, Appendix 1 and Appendix 2.
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Jun 11, 2024 | 
lexology.com | Amish Shah |Nicole Elliott |Bradley Seltzer |Bryan Marcelino |Mary Nicholson |Eli Brander
The IRS released additional guidance on June 7, 2024, in the form of Notice 2024-48 (Notice) regarding the energy community bonus credit under Sections 45, 48, 45Y and 48E of the Internal Revenue Code. The Notice follows prior guidance issued in Notice 2023-29 (clarified by Notice 2023-45), Notice 2023-47 and Notice 2024-30 and provides two new appendices, Appendix 1 and Appendix 2.
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Apr 25, 2024 | 
lexology.com | Nicole Elliott |Amish Shah |Bradley Seltzer |Roger David Aksamit |Kenneth Parsons |Bryan Marcelino
As provided in the Inflation Reduction Act (IRA), eligible taxpayers may make a yearly election to transfer all (or any portion) of an eligible credit to an unrelated taxpayer under Section 6418 of the Internal Revenue Code, provided that consideration for such a transfer is paid in cash.
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Apr 11, 2024 | 
lexology.com | Amish Shah |Nicole Elliott |Mary Nicholson |Bradley Seltzer |Roger David Aksamit |Bryan Marcelino
HighlightsThe U.S. Department of the Treasury and IRS on April 10, 2024, issued a supplemental notice of proposed rulemaking (NPRM) regarding the clean hydrogen production tax credit (PTC) under Section 45V of the Internal Revenue Code. The supplemental NPRM provides additional information on the provisional emissions rate (PER) process. The Treasury Department and IRS are seeking comments on the supplemental NPRM within approximately 30 days of its release.
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Apr 1, 2024 | 
mondaq.com | Amish Shah |Nicole Elliott |Bradley Seltzer |Bryan Marcelino
The IRS released additional guidance on March 22, 2024, in the
form of Notice 2024-30 (Notice)
regarding the energy community bonus credit under Sections 45, 48,
45Y and 48E of the Internal Revenue Code, which also is applicable
for purposes of Section 48C. The Notice follows prior guidance
issued in Notice 2023-29, Notice 2023-45 and Notice 2023-47 and
provides guidance regarding the qualification of offshore wind
projects for the energy community bonus.
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Mar 27, 2024 | 
lexology.com | Amish Shah |Nicole Elliott |Bradley Seltzer |Bryan Marcelino |Mary Nicholson |Eli Brander
The IRS released additional guidance on March 22, 2023, in the form of Notice 2024-30 (Notice) regarding the energy community bonus credit under Sections 45, 48, 45Y and 48E of the Internal Revenue Code, which also is applicable for purposes of Section 48C. The Notice follows prior guidance issued in Notice 2023-29, Notice 2023-45 and Notice 2023-47 and provides guidance regarding the qualification of offshore wind projects for the energy community bonus.
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Mar 21, 2024 | 
mondaq.com | Bryan Marcelino |Bradley Seltzer |Nicole Elliott |Kenneth Parsons
Highlights
As provided in the Inflation Reduction Act (IRA), certain
taxpayers may elect to receive direct payment of many of the tax
credits included in the law.
The U.S. Department of the Treasury and IRS recently finalized
regulations on the rules and procedures regarding direct payment
(sometimes referred to as "elective pay") of these
credits.
