Thomas Mahoney Jr.

May 16, 2024 | jdsupra.com | Elizabeth Atkinson |Carl Hartley |Thomas Mahoney Jr.

The Treasury finalized regulations for the Clean Vehicle Credit under I.R.C. Section 30D. These regulations are effective July 5, 2024. The Section 30D credit, up to $7,500, applies to new electric or fuel cell vehicles (EVs).

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.

Mar 29, 2023 | jdsupra.com | Ross Cohen |Carl Hartley |Thomas Mahoney Jr.

A recent Tax Tribunal decision, Mark E. Bollinger v. State of Alabama Department of Revenue, Inc. 22-390-LP, should be of interest to Alabama employers using remote workers. In this case, Mark Bollinger worked for a large bank and was located in Birmingham. His work was remote, taking calls from bank customers at his residence.