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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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May 22, 2024 | 
mondaq.com | Bradley Seltzer |Eli Brander
More than a decade after the associated property rule was
invalidated by the U.S. Court of Appeals for the Federal Circuit in
Dominion Resources, Inc. v. United States, 681 F.3d 1313
(Fed. Cir. 2012), the U.S. Department of the Treasury and the IRS
belatedly proposed updated Section 263A regulations, removing the
associated property rules.
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May 21, 2024 | 
jdsupra.com | Eli Brander |Bradley Seltzer
More than a decade after the associated property rule was invalidated by the U.S. Court of Appeals for the Federal Circuit in Dominion Resources, Inc. v. United States, 681 F.3d 1313 (Fed. Cir. 2012), the U.S. Department of the Treasury and the IRS belatedly proposed updated Section 263A regulations, removing the associated property rules.
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May 20, 2024 | 
lexology.com | Bradley Seltzer |Eli Brander
More than a decade after the associated property rule was invalidated by the U.S. Court of Appeals for the Federal Circuit in Dominion Resources, Inc. v. United States, 681 F.3d 1313 (Fed. Cir. 2012), the U.S. Department of the Treasury and the IRS belatedly proposed updated Section 263A regulations, removing the associated property rules.
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May 3, 2024 | 
jdsupra.com | Roger David Aksamit |Eli Brander |Nicole Elliott
New guidance issued by the U.S. Department of the Treasury and IRS under Section 40B of the Internal Revenue Code (Sustainable Aviation Fuel (SAF) Tax Credit) provides additional safe harbors under which the life cycle greenhouse gas (GHG) emissions reduction percentage of SAF can be calculated. Contemporaneously with this guidance, the U.S. Department of Energy (DOE) released the promised 40BSAF-GREET model and a user manual.
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Apr 12, 2024 | 
jdsupra.com | Roger David Aksamit |Eli Brander |Nicole Elliott
The 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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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 6, 2024 | 
jdsupra.com | Roger David Aksamit |Eli Brander |Nicole Elliott
The U.S. Department of the Treasury and IRS on March 5, 2024, released final regulations regarding the direct payment of tax credits under Section 6417 of the Internal Revenue Code (Elective Payment of Applicable Credits). The final regulations adopt the proposed regulations issued in June 2023, with changes, and remove the temporary regulations.
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Feb 20, 2024 | 
jdsupra.com | Roger David Aksamit |Eli Brander |Nicole Elliott
The U.S. Department of the Treasury and IRS announced a correction to Internal Revenue Code Section 48 Proposed Regulations dealing with the new investment tax credit for biogas. The correction states how gas upgrading equipment that performs certain key functions would be considered "energy property" if it is integral to overall energy operations as defined in the Proposed Regulations.
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Jan 25, 2024 | 
jdsupra.com | Roger David Aksamit |Eli Brander |Nicole Elliott
The U.S. Department of the Treasury and IRS on Jan. 19, 2024, released Notice 2024-20, stating their intent to issue proposed regulations regarding the Alternative Fuel Vehicle Refueling Property Credit under Section 30C of the Internal Revenue Code and providing guidance on the requirement that property be located in an eligible census tract.
