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
Andre M. Smith II
Energy Storage Tax Credits in the Biden Administration FY 2022 Budget, GREEN Act and Clean Energy for America Act
Several recent legislative proposals would expand or enact tax credits to support energy storage, including standalone energy storage systems. We have put together a comparison of the three primary proposals under discussion in Washington that could materially shape these federal income tax credits: the Biden Administration FY 2022 Budget, the Growing Renewable Energy and Efficiency…
IRS Releases 2021 Section 45 Production Tax Credit Amounts
On May 24, 2021, the US Internal Revenue Service (IRS) released Notice 2021-32, which provides the inflation-adjustment factors and reference prices for the calculation of renewable electricity production tax credits (PTCs) under Internal Revenue Code (IRC) section 45 for calendar year 2021.
The notice provides that the PTC for electricity produced from wind, as well…
GREEN Act of 2021
House Ways and Means Committee Democrats introduced the Growing Renewable Energy and Efficiency Now (GREEN) Act of 2021 on February 5, 2021. The bill is an updated version of a similar bill of the same name introduced in June of 2020.
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Solar and Wind Tax Credits Extended, Again
On Monday, December 21, 2020, the United States Congress passed a second large stimulus bill (the “Relief Bill”) aimed at curtailing the economic disruptions caused by COVID-19. The Relief Bill, among other things, extends renewable energy tax credits for wind projects, solar projects and carbon capture and sequestration and contains specific provisions addressing offshore wind farms. These extensions include a one-year extension for wind projects, a two-year extension for solar projects and a two-year extension for carbon capture and sequestration projects. President Trump is expected to sign the Relief Bill and has until December 28, 2020 to do so, when the current stopgap funding measure expires.
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