Robert Gardner

Jul 12, 2023 | jdsupra.com | Robert Gardner |Carl Hartley |Thomas Mahoney Jr.

The following is an overview of guidance regarding the Inflation Reduction Act's (IRA) Low-Income Communities Bonus Credit Allocation Program (LIC Bonus) and the Energy Community Tax Credit Bonus. 1. The Energy Community Tax BonusIf a project is in a census tract that is designated as an "energy community," it will qualify for a ten percent increased credit under the Investment Tax Credit (ITC) or Production Tax Credit (PTC).

Jun 21, 2023 | jdsupra.com | Robert Gardner |Carl Hartley |Thomas Mahoney Jr.

The Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued guidance on June 14, 2023, regarding the Inflation Reduction Act's (IRA) two new clean energy tax credit delivery mechanisms – one on elective pay (otherwise known as "direct pay") and one on transferability. The guidance is highly complex and advanced tax planning is advisable.

Jun 2, 2023 | jdsupra.com | Robert Gardner

As an update to our prior alert on this subject the Treasury Department recently released new guidance, which critically outlines the Department of Energy's (DOE) priorities and technical review criteria for the 48C(e) program. This comes after the February guidance for this program. The Section 48C(e) Advanced Energy Project Credit, provided by the Inflation Reduction Act (IRA), is a tax credit program that acts as a competitive grant.

Jun 1, 2023 | jdsupra.com | Robert Gardner |P. Lee Smith

On May 12, the Department of Treasury and the Internal Revenue Service (IRS) issued guidance (Notice 2023-38PDF) providing clarity on how taxpayers installing wind, solar, energy storage, and other clean energy projects can receive a ten percent domestic content bonus credit on top of the existing tax credit under the relevant provision. Energy project owners are the recipients of this bonus credit and will have to certify to the IRS that their projects are entitled to the bonus credit.

Apr 6, 2023 | jdsupra.com | Robert Gardner |P. Lee Smith

The United States Treasury Department (Treasury) and the Internal Revenue Service (IRS) released proposed guidance related to the 30D credit which extends as much as $7,500 in consumer tax breaks for cars that meet criteria on their Manufacturer's Suggested Retail Price (MSRP), their buyer's income, where their components come from, and where the vehicles are assembled. The most controversial and constraining requirements are focused on the components and minerals within the battery.