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IRS Opens Registration Portal for the Elective Payment or Transfer of Tax Credits
February 6, 2024 | Alert | By Gregg M. Benson, David Salamon
Energy & Sustainability Legal Feature – Increased Opportunity for More Taxpayers to Access Clean Energy Tax Credits and Related Considerations and Limitations
October 26, 2023 | Article | By Gregg M. Benson, David Salamon, Helen Huang
This past summer, the Treasury and Internal Revenue Service (IRS) published proposed Treasury Regulations (88 FR 40528 and 88 FR 40496) under two key provisions of the Inflation Reduction Act of 2022 (IRA) designed to enable taxpayers and tax-exempt entities to monetize certain energy-related federal tax credits. Section 6417 allows certain tax-exempt and governmental entities that historically could not benefit from such tax credits to receive direct payments from the government in lieu of such tax credits. Section 6418 permits taxpayers to transfer all or a portion of certain energy-related tax credits to unrelated parties for cash. By broadening the universe of organizations that are able to make use of energy-related tax credits through the direct pay provisions and creating a more direct pathway for taxpayers interested in financing energy projects to share credits through transferability, these provisions stand to significantly expand the market for investment in energy projects.
IRS Issues Notice 2023-44 Clarifying the 48C Program Application Process and Timeline
June 20, 2023 | Advisory | By Gregg M. Benson, David Salamon, Jared Solomon
Read about IRS Notice 2023-44, which clarifies the 48C program application process and timeline following amendments to the program under the Inflation Reduction Act and an earlier notice providing application guidelines.
IRS Provides Initial Guidance on Made in America Rules for Clean Energy Tax Credits
May 18, 2023 | Alert | By Gregg M. Benson, David Salamon
Read about Department of Treasury and IRS guidance regarding qualification for the 10% domestic content tax credit available to certain renewable energy projects under the Inflation Reduction Act of 2022 (IRA).
Texas Legislators Propose Onerous Permitting Requirements for Wind and Solar Renewable Energy Facilities
May 15, 2023 | Alert | By Areta Jez, Xandy Walsh
Read about proposed legislation in Texas that would impose extensive new fees and requirements on solar and wind energy generators if enacted into law.
IRA Update: Section 45X & Section 48C
April 5, 2023 | Article | By Gregg M. Benson
IRA Update Section 45X & Section 48C
Energy & Sustainability Legal Feature — Department of Energy Awards $118 Million for Biofuel Projects
February 23, 2023 | Article | By Kaoru C. Suzuki, Alana D. Agron
Read about a Department of Energy (DOE) announcement of $118 million in funding for 17 projects to accelerate the production of sustainable biofuels and the selected projects.
IRA Update: IRS Releases Limited Guidance on Low-Income Community Adder and Establishes Allocation Program Needed to Make the Adder Available
February 16, 2023 | Alert | By Gregg M. Benson
Read about guidance released by the IRS on the Low-Income Community Adder and the newly established allocation program to make the adder available.
IRA Update: IRS Announces Updated Reference Standard for Energy Efficient Commercial Building Property Deduction Under Section 179D
December 28, 2022 | Alert | By Gregg M. Benson
Read about a new IRS reference standard for energy efficient commercial building property for purposes of the deduction under Section 179D of the Internal Revenue Code, which takes effect on January 1.
IRA Update: IRS Releases Reporting Requirements for EV Manufacturers and Sellers
December 22, 2022 | Alert | By Gregg M. Benson
Read about new IRS reporting requirements, issued in Revenue Procedure 2022-42, for manufacturers and sellers of new or previously owned clean vehicles or qualified new commercial clean vehicles eligible for tax credits under Internal Revenue Code Sections 30D, 25E, or 45W, respectively.
Mintz Represents NET Power on $1.459 Billion Business Combination with Rice Acquisition Corp. II
December 14, 2022
BOSTON – Mintz advised NET Power, LLC, a clean energy technology company whose proprietary technology delivers clean, reliable and low-cost power from natural gas, in its planned business combination with Rice Acquisition Corp II (NYSE: RONI), a special purpose acquisition company (SPAC).
Public Comments Requested on Additional Aspects of the IRA Clean Energy Tax Incentives, including Clean Hydrogen Production, Carbon Capture and Sequestration, Clean Commercial Vehicles and EV Charging Stations
November 7, 2022 | Alert | By Gregg M. Benson, Xandy Walsh, David Salamon
On November 3, 2022, the U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released three Notices requesting public comments by December 3, 2022, on certain additional aspects of the clean energy tax incentives included in the Inflation Reduction Act of 2022 (IRA). Treasury and the IRS previously released six Notices, on October 5, 2022, requesting public comments by November 4 on certain other aspects of the energy tax incentives, which are described in our alert. The Treasury and the IRS will consider written comments submitted after December 3 if such consideration will not delay the issuance of guidance.
Energy & Sustainability Legal Feature — Recently Announced Clean Hydrogen Hub Program Funding
October 13, 2022 | Article | By Garrett Galvin, Alana D. Agron
Read about the Biden-Harris administration’s announcement of $7 billion in funding to create regional clean hydrogen hubs (“H2Hubs”)
The Inflation Reduction Act is Now Law: What Does it Mean for the Clean Energy Sector?
August 18, 2022 | Blog | By R. Neal Martin, Thomas R. Burton, III
When President Biden’s signature Build Back Better Act faltered last year, many viewed the effort to be a failure. However, negotiations continued before Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) announced the package in late July. Nearly half of the $737 billion in revenue will be invested in clean energy and includes many direct funding opportunities in the form of grants, loans, and rebates focused on climate, energy, and energy efficiency.
Update: President Biden Signs Historic Legislation Providing Expansive Clean Energy Tax Incentives
August 17, 2022 | Blog
Read about the Inflation Reduction Act of 2022 enacted August 16, 2022, which extends and expands existing tax credits and adds several new energy tax credits to encourage the production of electricity using clean energy and the reduction of carbon emissions.
Summary of Important Tax Provisions Included in the Recently Announced Inflation Reduction Act of 2022
August 1, 2022 | Alert | By Gregg M. Benson, David Salamon
Read Mintz’s summary of important tax provisions included in the recently announced Inflation Reduction Act of 2022. If it is signed into law, the Act will establish a 15% corporate minimum tax; modify the carried interest rule; and expand, extend, and add new energy tax credits.
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