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Mintz Member Judy Kwok was a featured guest on the first episode of New Project Media’s podcast with Senior Reporter Elana Knopp discussing what a “Blue Wave” could mean for renewables tax legislation.
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IRS Issues Final Regulations on Taxation of Carried Interest Under Section 1061

January 13, 2021 | Alert | By Abraham (Avi) Reshtick, David Salamon

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Energy & Sustainability Viewpoints Thumbnail
Late on December 21, 2020, the Senate debated and approved a COVID-19 relief package and omnibus spending bill for 2021 that included, deep in its 5,500-plus pages, tax extenders for a selection of renewables tax credits, including a one-year extension for the wind production tax credit ("ITC") and a two-year extension for the solar investment tax credit ("ITC"), as well as a five-year extension for offshore wind projects taking the ITC. The bill, which was earlier approved by the House, is expected to be signed by President Trump later this week.
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On October 2, 2020, the Internal Revenue Service released final regulations providing guidance for Section 529A “qualified ABLE programs” established by states under the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 (the “ABLE Act”) to provide tax-favored savings and investment accounts for individuals with disabilities.  Building on proposed regulations issued in 2015 and 2019 and several prior IRS notices as to how the final regulations would resolve specific issues under the ABLE Act, the final regulations clearly seek to avoid, within statutory constraints, imposing major administrative burdens on ABLE programs. Nonetheless, several key provisions contain ambiguities or raise concerns.  As indicated by prior IRS guidance, the regulations provide a transition period of at least two years for ABLE programs operating in good faith to implement provisions applicable to such programs, and thus an opportunity for the IRS address such ambiguities and concerns through notices or other guidance prior to their full implementation.
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This article summarizes the most recent pandemic-era proposals for wind, solar, and carbon capture federal tax incentives and attempts to discern potential trends for the future.
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IRS Issues Proposed Regulations on Taxation of Carried Interest Under Section 1061

August 12, 2020 | Alert | By Abraham (Avi) Reshtick, David Salamon

Read about IRS and Treasury Department proposed regulations addressing the application of Section 1061 of the U.S. Internal Revenue Code of 1986, as amended.
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Energy & Sustainability Viewpoints Thumbnail
In February 2020, the IRS issued Notice 2020-12, which provides long-awaited guidance on when a “qualified facility” or carbon capture equipment, in each case within the meaning of section 45Q, is considered to have “begun construction.” This question is of paramount significance because section 45Q allows a carbon capture credit for carbon oxide that is captured using carbon capture equipment that is originally placed in service at a qualified facility, and a qualified facility means an industrial or direct air capture facility, the construction of which began before January 1, 2024.
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IRS Issues Proposed Regulations on Section 1031 Like-Kind Exchanges

June 22, 2020 | Alert | By Abraham (Avi) Reshtick, David Salamon

This alert discusses the U.S. Treasury’s proposed regulations on like-kind exchanges under Section 1031 of the Internal Revenue Code, which provide guidance in light of statuary changes under the Tax Cuts and Jobs Act of 2017.
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Energy & Sustainability Viewpoints Thumbnail
In a May 21 letter to Treasury Secretary Steven Mnuchin, three Republican senators—Senator Lisa Murkowski (R-AK), Senator Susan M. Collins (R-ME), and Senator Thom Tillis (R-NC)—have requested that Treasury modify existing Internal Revenue Service (“IRS”) guidance on “start of construction” to provide production tax credit (“PTC”) and investment tax credit (“ITC”) relief to wind and solar projects affected by COVID-19 related disruptions.
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IRS Provides Tax Relief Relating to Travel Disruptions Due to the COVID-19 Pandemic

May 20, 2020 | Advisory | By Abraham (Avi) Reshtick, David Salamon

This article outlines Treasury Department and IRS tax relief available to individuals and businesses affected by travel disruptions related to the COVID-19 pandemic.
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Read about recently issued IRS guidance related to the employee retention credit enacted in the Coronavirus Aid, Relief and Economic Security (“CARES”) Act.
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The CARES Act: A Summary Overview of Federal Tax Changes Affecting Businesses

April 1, 2020 | Alert | By Roy Gillig, David Salamon

This alert provides an overview of how the CARES Act, signed on March 27, 2020, eases tax burdens on businesses to increase their short-term liquidity as they deal with impacts of the COVID-19 pandemic.
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IRS Provides Additional Guidance on the Tax Treatment of Cryptocurrency

November 21, 2019 | Alert | By Abraham (Avi) Reshtick, David Salamon

This alert takes a detailed look at the additional guidance issued by the IRS on October 9, 2019 on the tax treatment of cryptocurrency.
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Land of Tax Opportunity Zones II

May 1, 2019 | Alert | By Abraham (Avi) Reshtick, David Salamon

This articles outlines the Treasury Department’s second set of proposed regulations, released on April 17, 2019, for the implementation of the Opportunity Zone Program.
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The Opportunity Zone Program Presents Opportunity for Renewable Energy Development

January 17, 2019 | Blog | By Thomas R. Burton, III, Abraham (Avi) Reshtick

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