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
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The Clock Starts Now: IRS Issues Prevailing Wage & Apprenticeship Guidance under the IRA
By Jeffrey G. Davis on
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 Announces New PTC Rate under Section 45
By Jeffrey G. Davis on
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)…
California Increases Offshore Wind Development Goals
By Jeffrey G. Davis on
Posted in Offshore Wind, Wind
More on offshore wind, this time in California:
California Increases Offshore Wind Development Goals | Perspectives & Events | Mayer Brown
The Green Energy Tax Incentives of the Inflation Reduction Act of 2022
By Jeffrey G. Davis on
Posted in Carbon Capture Credit, Electric Vehicles, Energy Policy, ITC, PTC, Solar, Tax Policy, Wind
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…
UPDATED: IRS Releases 2022 Section 45 Production Tax Credit Amounts
By Jeffrey G. Davis & George K. Haines on
On April 14, 2022, the US Internal Revenue Service (IRS) published a notice that provides the inflation-adjustment factor and reference price for the calculation of renewable electricity production tax credits (PTCs) under Internal Revenue Code (IRC) section 45 for calendar year 2022, as well as the amount of the PTC for 2022 as adjusted for inflation.
On May 5, 2022, the IRS issued corrections to this notice, revising the inflation-adjustment factor from the initially released 1.8012 to 1.7593 and reducing the PTC amounts accordingly.Continue Reading UPDATED: IRS Releases 2022 Section 45 Production Tax Credit Amounts
US BOEM Announces Provisional Winners of Massive Offshore Wind Auction
By Jeffrey G. Davis on
Posted in Offshore Wind, Wind
The Bureau of Ocean Energy Management (BOEM) held a 3-day competitive auction for six lease areas in the New York Bight area off the coast of New York and New Jersey. Read about it in this Mayer Brown Legal Update authored by my colleagues Lauren A. Bachtel, Eric R. Pogue and J. Paul Forrester
NY Announces $500 Million Offshore Wind Investment and 2022 Procurement
By Jeffrey G. Davis on
Posted in Offshore Wind, Wind
Read about it in this Mayer Brown In Brief.
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.