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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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Feb 12, 2025 | 
mondaq.com | Michelle Jewett |Daniel Kiely |JoonBeom Pae |Warren Payne
On January 7, 2025, the US Department of the Treasury("Treasury") and the Internal Revenue Service("IRS") issued final regulations (the "FinalRegulations") relating to technology-neutral tax credits forclean energy projects under Sections 1 45Y and 48E that were enacted aspart 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 | 
jdsupra.com | Meaghan Connors |Michelle Jewett |Daniel Kiely
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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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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May 30, 2024 | 
mondaq.com | Michelle Jewett |Daniel Kiely |Kyoolee C. Park |Warren Payne
On May 3, 2024, the US Department of the Treasury
("Treasury") and the Internal Revenue Service
("IRS") issued final regulations (T.D. 9995) concerning the clean vehicle credit
under Section 30D of the Internal Revenue Code (the
"Code"),1 as amended by the Inflation
Reduction Act ("IRA") and the previously owned clean
vehicle tax credit under Section 25D of the Code (the "Final
Regulations").
