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 Budget: Energy Tax Proposals
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
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
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
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
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the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure, create additional jobs and increase the United States’ global competitiveness.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
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
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