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
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
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.
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.
Read about the Biden Administration’s efforts to promote offshore wind and create jobs in this Mayer Brown Legal Update.
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the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure, create additional jobs and increase the United States’ global competitiveness.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”),
The second US stimulus bill, signed on December 27, 2020, included an amendment to Section 48 of the Internal Revenue Code that expands the existing investment tax credit (“ITC”) program to include waste energy recovery property, allowing certain waste heat to power projects to be eligible for ITCs. This Legal Update provides further detail. Read
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.
Continue Reading GREEN Act of 2021
On December 31, 2020, the IRS released Notice 2021-05 (the “Notice”) on its website, in advance of its official publication. As discussed in our earlier blog post, the Notice provides favorable guidance for offshore renewable energy projects (“Offshore Projects”) and renewable projects constructed on federal land (“Federal Land Projects”) and generally allows these
On December 31, 2020, the US Treasury Department and the Internal Revenue Service (the “IRS”) issued Notice 2021-05 (the “Notice”), which provides relief for offshore renewable energy projects and renewable projects constructed on federal land. Specifically, the Notice allows the Continuity Safe Harbor to be satisfied for projects constructed offshore or on federal land if