As noted in yesterday’s post, the IRS published Notice 2022-61 regarding the prevailing wage & apprenticeship requirements. In addition, the Department of Labor yesterday issued two Frequently Asked Question (FAQ) documents: one on prevailing wage and the other one on apprenticeships. You’ll need to scroll down and click on the “+” signs to expand
The Clock Starts Now: IRS Issues Prevailing Wage & Apprenticeship Guidance under the IRA
The IRS has published a notice that will start the clock on the 60-day period respect to the applicability of the prevailing wage and apprenticeship requirements under numerous provisions of the Inflation Reduction Act of 2022 (the IRA). For a taxpayer to avoid application of the prevailing wage and apprenticeship requirements of the IRA, it
IRS Requests Comments on Various Aspects of Energy Tax Credits
On October 5, 2022, the U.S. Internal Revenue Service (IRS) issued six notices requesting comments on various aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act. Here is list of, and links to, the notices.
- Notice 2022-46 requests comments on credits for clean vehicles.
- Notice 2022-47 requests comments on energy
The Inflation Reduction Act, Solar and REITs
The Inflation Reduction Act of 2022 (the “IRA”), which was signed into law on Tuesday, August 16, 2022, includes an investment of over $369 billion in energy security and climate change. There has been a lot of discussion about the extension of the investment tax credit (“ITC”) for solar and the provision that allows the
The Green Energy Tax Incentives of the Inflation Reduction Act of 2022
Here is Mayer Brown’s Legal Update regarding some of the noteworthy proposals in the Inflation Reduction Act of 2022 that related to green energy.
Manchin’s BBB Redux-tion Act – The Inflation Reduction Act of 2022
Last night, after weeks of negotiations, Senators Manchin and Schumer reached a deal on an energy and healthcare bill titled the Inflation Reduction Act of 2022 (the “Act”). The Act includes extensive provisions relating to a range of green energy tax incentives. While these provisions largely track the corresponding provisions in the previously released Build
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
IRS Extends Start-of-Construction Relief for Renewables in Light of Continuing Effects of COVID-19
On June 29, 2021, the US Internal Revenue Service (the “IRS”) released Notice 2021-41, extending and enhancing previous relief given by the IRS pursuant to Notice 2020-41 on the start-of-construction rules for the production tax credit and energy investment tax credit. The new notice extends the continuity safe harbor for projects that began construction in calendar years 2016 through 2020 and relaxes the continuity requirement for projects that do not satisfy the continuity safe harbor.
Continue Reading IRS Extends Start-of-Construction Relief for Renewables in Light of Continuing Effects of COVID-19