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The White House today released a new resource titled Building a Clean Energy Economy: A Guidebook to the Inflation Reduction Act’s Investments in Clean Energy and Climate Action, which it describes as “provid[ing] clear descriptions of the law’s tax incentives and funding programs to build a clean energy economy, lower energy costs, tackle climate change…

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…

The IRS today released Announcement 2022-23, which sets forth the new rate for the production tax credit (PTC) under Section 45 for facilities that are placed in service after December 31, 2021. The rate is 2.75 cents per kWh for a wind facility (i) with a maximum net output of less than 1 MW, (ii)…

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.

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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…

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 …

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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Continue Reading IRS Extends Start-of-Construction Relief for Renewables in Light of Continuing Effects of COVID-19