Read about the Energy Tax Proposals in the Biden Administration’s 2022 Budget in this Legal Update: Energy Tax Implications of the Administration’s FY2022 Budget Tax Proposals | Perspectives & Events | Mayer Brown.
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
More Polar Vortex 2021 Fallout
My partner Paul Forrester wrote a Brief entitled “More Polar Vortex 2021 Fallout: “Austin, We Have a Problem” – Aggregate ERCOT Payment Shortfall Around $3B, But ERCOT Can Only Bill “Default Uplift” at $30M Per Year”. You can read it here.
SEIA Asks for Extension to Continuity Safe Harbor
In an April 12, 2021 letter to Treasury Secretary Yellen, the Solar Energy Industries Association (SEIA) has asked for an extension of the so-called “continuity safe harbor” under the beginning of construction rules under IRS Notice 2018-59.
Continue Reading SEIA Asks for Extension to Continuity Safe Harbor
Recent Legislative Proposals Could Drastically Change US Energy Taxation
There have been a number of recent legislative proposals that could drastically impact the US energy industry, including renewables. In this Legal Update, my Mayer Brown colleagues and I describe some of the highlights.
Anti-Renewables Legislative Proposals in Texas
There are several state legislative proposals in Texas that could have adverse impacts on the development and operation of renewable energy projects in Texas.
Continue Reading Anti-Renewables Legislative Proposals in Texas
The Biden Infrastructure Plan: Where Do We Go From Here?
On March 31, the Biden Administration released its much-anticipated American Jobs Plan (the “AJP”), which outlines $2.3 trillion of proposed spending on not only traditional infrastructure programs, but also climate change, housing, drinking water, workforce development, manufacturing, telecommunications, and elderly care measures. Read more about the AJP in this Mayer Brown Legal Update.
Biden Administration Jumpstarts Offshore Wind Energy Projects to Create Jobs
Read about the Biden Administration’s efforts to promote offshore wind and create jobs in this Mayer Brown Legal Update.
Energy Tax Implications of New Infrastructure and Tax Plans
On March 31, 2021, the Biden administration released the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure, create additional jobs and increase the United States’ global competitiveness. Alongside the Infrastructure Plan, the Biden administration released a Made in America Tax Plan (the “Tax Plan”),
More Polar Vortex 2021 Fallout (and Texas Two-Step)
All eyes are on Texas as the energy industry sorts out the impact of the polar vortex. My colleagues wrote this brief update on what is happening.