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
PTC
IRS Extends Start-of-Construction Relief for Renewables in Light of Continuing Effects of COVID-19
By Jeffrey G. Davis on
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.
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Biden Administration Budget: Energy Tax Proposals
By Jeffrey G. Davis on
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
By Jeffrey G. Davis & Andre M. Smith II on
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…
Recent Legislative Proposals Could Drastically Change US Energy Taxation
By Jeffrey G. Davis on
Posted in Carbon Capture Credit, Energy Policy, ITC, PTC, Solar, Tax Policy, Tax Reform (Federal), Wind
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.
Biden Administration Jumpstarts Offshore Wind Energy Projects to Create Jobs
By Jeffrey G. Davis on
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
By Jeffrey G. Davis on
Posted in Carbon Capture Credit, Electric Vehicles, Energy Policy, ESG: Environmental, Infrastructure, ITC, PTC, Solar, Wind
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”),…
GREEN Act of 2021
By Andre M. Smith II on
Posted in Carbon Capture Credit, Electric Vehicles, Energy Policy, ITC, Proposed Legislation, PTC, Solar, Storage, Wind
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.
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IRS Offshore Wind Guidance is Officially Published with a Material Tweak
By Jeffrey G. Davis & Isaac L. Maron on
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
Posted in Continuous Plan of Construction, ITC, Offshore Wind, PTC, Solar, Start of Construction, Wind
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…