Inflation Reduction Act
Treasury and IRS Issue Proposed Regulations With Respect to Clean Hydrogen Credits Under Sections 45V and 48 of the Internal Revenue Code
On December 22, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released a notice of proposed rulemaking and notice of public hearing containing proposed regulations (Proposed Regulations) with respect to Internal Revenue Code of 1986, as...
Current Year IRS Priority Guidance Plan Highlights Energy Transition
On September 29, 2023, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) released their 2023–2024 Priority Guidance Plan (the Plan). The Plan describes the various guidance priorities of the IRS and Treasury for the period from...
IRS and Treasury Department Release Proposed Regulations for Labor Requirements Under Inflation Reduction Act
On August 29, 2023, [1] the IRS and Treasury Department released proposed regulations (the Proposed Regulations) regarding the prevailing wage requirements (the Prevailing Wage Requirements) and the apprenticeship requirements (the Apprenticeship Requirements and, together with the Prevailing Wage Requirements, the...
Treasury Department and IRS Issue Additional Guidance on the New Low-Income Communities Bonus Credit Program
The low-income communities bonus credit (the LIC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for certain wind and solar facilities located in designated low-income communities. On February 13, 2023...
Updated Texas Property Tax Incentives Program Adds New Wrinkles
Bracewell’s Bucky Brannen reviews differences between Texas’ new property tax incentives program and the previous version of the program, identifying potential obstacles and considerations for applicants.
Treasury Department and IRS Release Long-Awaited Guidance on Credit Transfers
On June 14, 2023, the Treasury Department and the Internal Revenue Service (IRS) released long-awaited guidance (the Credit Transfer Guidance) regarding the transfer of energy transition tax credits under Section 6418, [1] which was enacted under the Inflation Reduction Act...
Treasury Department and IRS Release Additional Guidance for the Advanced Energy Project Credit Allocation Program
On May 31, 2023, the Treasury Department and the Internal Revenue Service (IRS) released Notice 2023-44 (the Notice). The Notice provides additional guidance for the new program under Section 48C(e) created by the Inflation Reduction Act of 2022 (the IRA)...
Treasury Department and IRS Release Guidance on the New Domestic Content Bonus Credit
The domestic content bonus credit (the DC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for renewable energy and storage projects constructed with sufficient US-sourced materials and components (the Domestic...
SLGS Window Closing May 2, 2023
The US Department of the Treasury announced the suspension of sales of US Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 10:00 a.m. ET, May 2, 2023. New subscriptions for SLGS received after such time will not...
Unlikely Allies: Oil and Gas Companies Embrace Renewables and Battery Storage to Meet Global Climate Commitments
Renewable energy has taken center stage in the national energy discussion. Technology and innovation are continuing to progress in the energy sector, and traditional oil and gas companies are embracing clean energy alternatives to assist in powering O&G operations. The...
Treasury Department and IRS Update Energy Community Bonus Guidance
On April 10, 2023, the Treasury Department and the Internal Revenue Service (IRS), without a formal announcement, released a revised version of Notice 2023-29 (the Revised Notice) on the IRS website. The Treasury Department and the IRS released the initial...
Treasury Department and IRS Release Guidance on the Energy Community Bonus Credit
The energy community bonus credit (the EC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides a bonus credit for projects located in Energy Communities. The EC Bonus is available for projects that qualify for...
Treasury Department and IRS Release Initial Guidance on the New Low-Income Communities Bonus Credit Program
The low-income communities bonus credit (the LIC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for renewable energy projects located in designated low-income communities. The LIC Bonus is available for...
Treasury Department and IRS Release Guidance on the Advanced Energy Project Credit Allocation Program Under Internal Revenue Code Section 48C(e)
On February 13, 2023, the Treasury Department and the Internal Revenue Service (the IRS) released Notice 2023-18 (the Notice), which established the program (the Allocation Program) to allocate $10 billion of advanced energy project credits (AEPCs) pursuant to section 48C(e)...
Treasury Department and IRS Release Guidance With Respect to the Sustainable Aviation Fuel Credit
On December 19, 2022, the Treasury Department and the IRS released Notice 2023-6 (the Notice), which provides guidance with respect to the credit for sustainable aviation fuel (SAF). The Inflation Reduction Act of 2022 (the IRA) enacted Section 40B of...