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.
UPDATED: IRS Releases 2022 Section 45 Production Tax Credit Amounts
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.
Continue Reading UPDATED: IRS Releases 2022 Section 45 Production Tax Credit Amounts
Buy Clean: Biden’s Executive Order on Catalyzing Clean Energy through Federal Procurement
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
US BOEM Announces Provisional Winners of Massive Offshore Wind Auction
The Bureau of Ocean Energy Management (BOEM) held a 3-day competitive auction for six lease areas in the New York Bight area off the coast of New York and New Jersey. Read about it in this Mayer Brown Legal Update authored by my colleagues Lauren A. Bachtel, Eric R. Pogue and J. Paul Forrester
NY Announces $500 Million Offshore Wind Investment and 2022 Procurement
Read about it in this Mayer Brown In Brief.
Illinois Enacts Tax Incentives to Attract Electric Vehicle Manufacturing
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.
US House Rules Committee Modifies the “Build Back Better Act”
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.
US House Ways and Means Committee Proposes Substantial Green Energy Support
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
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
US Infrastructure Investment and Jobs Act of 2021 – Assessing the Potential Impact on Electric Vehicles and Electric Vehicle Infrastructure
On August 10, 2021, the US Senate voted to pass the Infrastructure Investment and Jobs Act (the “IIJA”). The IIJA would provide a total of $1.2 trillion in federal investment in infrastructure, including an unprecedented level of federal investment in electric vehicles and electric vehicle charging infrastructure through the creation of new programs and grants