A number of my Mayer Brown colleagues drafted this Legal Update that provides an overview of the Class VI permit application, the status of current and pending Class VI applications, and the status of state primacy for UIC programs.
On April 14, 2022, the US Internal Revenue Service (IRS) published a notice that provides the inflation-adjustment factor and reference price for the calculation of renewable electricity production tax credits (PTCs) under Internal Revenue Code (IRC) section 45 for calendar year 2022, as well as the amount of the PTC for 2022 as adjusted for inflation.
On May 5, 2022, the IRS issued corrections to this notice, revising the inflation-adjustment factor from the initially released 1.8012 to 1.7593 and reducing the PTC amounts accordingly.
With the federal government being the largest energy consumer in the United States, late last year President Biden issued the Executive Order on Catalyzing Clean Energy Industries and Jobs Through Federal Sustainability to set aggressive decarbonization goals for federal agencies. This Legal Update summarizes the executive order, the three primary contracting mechanisms that federal agencies have historically used to purchase competitively priced renewable energy and the regulatory nuances they entail.
Read about new guidance from the US Department of Transportation on the allocation of $615 million in funds for electric vehicle infrastructure under the National Electric Vehicle Infrastructure Formula Program in this Legal Update authored by Chadron Edwards, Morenikeji Akinade, George Haines, Samantha Leavitt, Nick Vallorano and Alec Weingart.
Read about it in this Mayer Brown In Brief.
In November 2021, Illinois Governor JB Pritzker signed the Reimagining Electric Vehicles Act, which establishes the Reimagining Electric Vehicles in Illinois Program to incentivize the production of electric vehicles in the state. This Mayer Brown Legal Update discusses the criteria to qualify for the program and the related tax credits, exemptions and deductions.
Read about the recent changes to the proposed “Build Back Better Act” by the US House Rules Committee, including some important changes to green energy tax incentives, in this Legal Update.
Read about Illinois’ substantial new climate and energy legislative package in this Legal Update authored by my Mayer Brown colleagues, Nadav Klugman, Joe Seliga and Casey Williams.
On the night of September 10, 2021, the House Ways and Means Committee released legislative text covering a range of green energy tax incentives, a bill that it hopes will be enacted through the budget reconciliation process and it expects to begin markup of on Tuesday, September 14. This Legal Update provides further detail on the bill, which would significantly boost investment in green energy and other emissions reductions and extend many tax credits that would provide substantial certainty for the renewable energy industry.