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4 weeks ago | 
jdsupra.com | Michelle Jewett |Daniel Kiely |Isaac Maron
On May 22, 2025, the House of Representatives passed its reconciliation bill, H.R. 1, entitled “One Big Beautiful Bill Act” (the “legislation”), which significantly amends the clean energy provisions that were enacted as part of the Inflation Reduction Act of 2022 (the “IRA”). Now the revised legislation advances to the Senate, where it is likely to be amended before both chambers reconcile their differences and finalize the legislation for the President’s approval or veto.
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Feb 14, 2025 | 
jdsupra.com | Michelle Jewett |Daniel Kiely |Isaac Maron
On January 7, 2025, the US Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued final regulations (the “Final Regulations”) relating to technology-neutral tax credits for clean energy projects under Sections1 45Y and 48E that were enacted as part of the Inflation Reduction Act of 2022.
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Jan 14, 2025 | 
mondaq.com | Michelle Jewett |Daniel Kiely |Isaac Maron |JoonBeom Pae
On December 4, 2024, the US Treasury and IRS issued finalregulations (TD 10015) clarifying the definition of energy propertyand rules for the energy credit under Section 48 of the InternalRevenue Code. Key updates include modifications to the definitionof qualified biogas property, rules for energy storage technology,energy property aggregation rules, and the application ofprevailing wage and apprenticeship requirements.
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Jan 10, 2025 | 
jdsupra.com | Michelle Jewett |Daniel Kiely |Isaac Maron
[co-author: Allison Taylor]AT A GLANCEOn December 4, 2024, the US Treasury and IRS issued final regulations (TD 10015) clarifying the definition of energy property and rules for the energy credit under Section 48 of the Internal Revenue Code. Key updates include modifications to the definition of qualified biogas property, rules for energy storage technology, energy property aggregation rules, and the application of prevailing wage and apprenticeship requirements.
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Dec 10, 2024 | 
jdsupra.com | Michelle Jewett |Daniel Kiely |Isaac Maron
On November 20, 2024, the US Department of the Treasury and the Internal Revenue Service (“IRS”) issued final regulations (the “Final Regulations”) to allow certain unincorporated organizations owned by specified “applicable entities” to elect out of the partnership tax rules under Subchapter K of the Internal Revenue Code (the “Code”).1 The Final Regulations (effective January 19, 2025) and adopt—with modifications—the proposed regulations issued March 11, 2024 to carry out the purposes of...
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Dec 9, 2024 | 
mondaq.com | Michelle Jewett |Daniel Kiely |Isaac Maron |Charlene S. Soleimani
On November 20, 2024, the US Department of the Treasury and the Internal Revenue Service ("IRS") issued final regulations (the "Final Regulations") to allow certain unincorporated organizations owned by specified "applicable entities" to elect out of the partnership tax rules under Subchapter K of the Internal Revenue Code (the "Code").1 The Final Regulations (effective January 19, 2025) and adopt—with modifications—the proposed regulations issued March 11, 2024 to carry out the purposes of...
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Nov 11, 2024 | 
mondaq.com | Daniel Kiely |Michelle Jewett |Isaac Maron |JoonBeom Pae
On October 24, 2024, the US Department of Treasury ("Treasury") and the Internal Revenue Service ("IRS") released final regulations (the "Final Regulations")1 on the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code (the "Code").2 Section 45X, which was enacted in 2022 as part of the Inflation Reduction Act (the "IRA"), provides a production tax credit for "eligible components" of clean energy property, which include solar- and wind-energy components,...
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Jul 17, 2024 | 
mondaq.com | Daniel Kiely |Isaac Maron |Kyoolee C. Park |Warren Payne
While we await the outcome of the upcoming US elections,
stakeholders in the energy tax and policy space should recognize
that, regardless of the outcome of the election, there will be
plenty of activity in the energy sector in the year to come. As
noted in our previous Legal Update, 2025 will bring the
largest tax policy debate in the country's history. Perhaps no
individual sector of the economy could see more changes coming out
of that debate than the energy sector.
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Jul 16, 2024 | 
jdsupra.com | Meaghan Connors |Daniel Kiely |Isaac Maron
While we await the outcome of the upcoming US elections, stakeholders in the energy tax and policy space should recognize that, regardless of the outcome of the election, there will be plenty of activity in the energy sector in the year to come. As noted in our previous Legal Update, 2025 will bring the largest tax policy debate in the country’s history. Perhaps no individual sector of the economy could see more changes coming out of that debate than the energy sector.
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Jul 16, 2024 | 
lexology.com | Meaghan Connors |Daniel Kiely |Isaac Maron |Kyoolee C. Park |Warren Payne
While we await the outcome of the upcoming US elections, stakeholders in the energy tax and policy space should recognize that, regardless of the outcome of the election, there will be plenty of activity in the energy sector in the year to come. As noted in our previous Legal Update, 2025 will bring the largest tax policy debate in the country’s history. Perhaps no individual sector of the economy could see more changes coming out of that debate than the energy sector.
