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
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the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure, create additional jobs and increase the United States’ global competitiveness.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”),
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 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
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
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
Read out latest client alert: The GREEN Act: Proposed Pandemic Relief for Renewable Energy Industry
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