More still on offshore wind from my partners Paul Forrester and Eric Pogue.
US Department of Interior to Consider Offshore Wind in Gulf of Mexico
More on US offshore wind from my partners Paul Forrester and Eric Pogue.
Governors of Nine East Coast States Send Offshore Wind Letter to Biden Administration
Read about the letter in this piece by my partners Paul Forrester and Eric Pogue.
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.
IRS Offshore Wind Guidance is Officially Published with a Material Tweak
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
IRS Grants Beginning of Construction Relief for Offshore Renewable Projects and Renewable Projects on Federal Land
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
Solar and Wind Tax Credits Extended, Again
On Monday, December 21, 2020, the United States Congress passed a second large stimulus bill[1] (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.
Continue Reading Solar and Wind Tax Credits Extended, Again
Covid-19 Relief Legislation to Have Extenders for Renewables
Last night, Congressional leaders announced an agreement on a $900 billion COVID relief bill. While the text of the bill has not been released as of this writing, people familiar with the negotiations have indicated that the deal will extend renewable energy tax credits for wind and solar projects and the Section 45Q carbon capture
IRS Provides Start-of-Construction Relief for Renewables in Light of COVID-19
On May 27, 2020, the US Internal Revenue Service (the “IRS”) released Notice 2020-41 (the “Notice”), updating the IRS guidance on the start-of-construction rules for the production tax credit (“PTC”) and energy investment tax credit (“ITC”) by extending the continuity safe harbor for projects that began construction in either calendar year 2016 or 2017.1 Additionally, the Notice provides relief under the so-called 3 ½ month rule where payments were made on or after September 16, 2019, but the services or property were not expected to be provided until 2020, as long as they are actually received by October 15, 2020.
Continue Reading IRS Provides Start-of-Construction Relief for Renewables in Light of COVID-19
IRS Releases 2020 Section 45 Production Tax Credit Amounts
On May 12, 2020, the US Internal Revenue Service (IRS) released a notice providing 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 2020.
Continue Reading IRS Releases 2020 Section 45 Production Tax Credit Amounts