Scott Heimberg

Jun 3, 2024 | mondaq.com | Scott Heimberg |Sam Guthrie |Matthew Kapinos |Susan Lent

On May 29, 2024, the Internal Revenue Service (IRS) and the Department of Treasury issued proposed regulations (REG-119283-23) addressing the new technology neutral clean electricity production tax credit (PTC) in section 45Y and the clean electricity investment tax credit (ITC) in section 48E, each of which was designed to become available for projects that are placed in service after December 31, 2024, when their corresponding predecessors (sections 45 and 48, respectively) generally expire.

May 30, 2024 | lexology.com | Shariff Barakat |Scott Heimberg |Matthew Kapinos |Susan Lent |Daniel Lynch |Jeffrey D. McMillen | +4 more

On May 29, 2024, the Internal Revenue Service (IRS) and the Department of Treasury issued proposed regulations (REG-119283-23) addressing the new technology neutral clean electricity production tax credit (PTC) in section 45Y and the clean electricity investment tax credit (ITC) in section 48E, each of which was designed to become available for projects that are placed in service after December 31, 2024, when their corresponding predecessors (sections 45 and 48, respectively) generally expire.

May 24, 2024 | mondaq.com | Scott Heimberg |Sam Guthrie |Matthew Kapinos |Susan Lent

On May 16, 2024, the Internal Revenue Service (IRS) issued further guidance (Notice 2024-41, the Additional Notice) intended to provide clarity and certainty surrounding the domestic content1 bonus credit by (among other changes) adding a new elective safe harbor designed to make it easier for taxpayers to establish that they qualify for the bonus amount, which is only available for certain of the clean energy production and investment tax credits (PTC and ITC) added or amended by the...

May 22, 2024 | lexology.com | Shariff Barakat |Scott Heimberg |Matthew Kapinos |Susan Lent |Daniel Lynch |Jeffrey D. McMillen | +4 more

On May 16, 2024, the Internal Revenue Service (IRS) issued further guidance (Notice 2024-41, the Additional Notice) intended to provide clarity and certainty surrounding the domestic content1 bonus credit by (among other changes) adding a new elective safe harbor designed to make it easier for taxpayers to establish that they qualify for the bonus amount, which is only available for certain of the clean energy production and investment tax credits (PTC and ITC) added or amended by the...

Jun 7, 2023 | mondaq.com | Shariff Barakat |Susan Lent |Scott Heimberg |Jeffrey D. McMillen

On May 12, 2023, the Internal Revenue Service (IRS) issued initial guidance (Notice 2023-38, the Notice) outlining how taxpayers can qualify for the domestic content bonus credit amounts in the clean energy production and investment tax credits (PTC and ITC) at Tax Code Sections 45, 45Y, 48 and 48E, as added or amended by the Inflation Reduction Act of 2022 (IRA) (P.L. 117-169).