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Employee Ownership Trusts Update – The Tax Incentives that Everyone was Hoping For
November 21, 2023 | Blog | By Katy Pitch
The Canadian Government released its Fall Economic Statement (“FES 2023”) on November 21, 2023 outlining the government’s fiscal update. FES 2023 focuses on housing, affordability, and fighting climate change. However, buried in the middle of the 131-page document is a paragraph highlighting a proposed tax change regarding the recent tax rules implementing Employee Ownership Trusts (“EOTs”).
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The Inflation Reduction Act of 2022: Takeaways for the Clean Energy Sector
April 19, 2023 | Blog | By Gregg M. Benson, R. Neal Martin
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
Highlights of the Section 45Q Final Regulations
January 29, 2021 | Blog
Renewables Tax Extenders Passed by Congress
December 22, 2020 | Blog
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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Final Section 529A ABLE Plan Regulations Are Well-Intended But Will Require Further Clarification
October 12, 2020 | Blog
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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Trends in COVID-Era Renewables Tax Credit Proposals
August 21, 2020 | Blog
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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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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Republican Senators Request “Start of Construction” Relief Under Sections 45 and 48 for COVID-Related Delays, Including “Continuous Efforts” Rule for Physical Work Projects
May 22, 2020 | Blog
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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The Opportunity Zone Program Presents Opportunity for Renewable Energy Development
January 17, 2019 | Blog | By Thomas R. Burton, III
IRS Releases Proposed Regulations Consolidating Guidance on Reissuance of Tax-Exempt Bonds
January 11, 2019 | Blog | By Christie Martin
On December 31, 2018, the Department of Treasury and Internal Revenue Service released long-awaited proposed regulations (the “Proposed Regulations”) that address when modifications to the terms of tax-exempt bonds are treated as an exchange of existing bonds for newly issued (or “reissued”) bonds for purposes of section 103 and sections 141 through 150 of the Internal Revenue Code and when an issuer’s acquisition of its bonds results in such bonds ceasing to be outstanding for federal tax purposes.
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IRS Expands Remedial Action for Nonqualified Use of Tax-Advantaged Bonds
April 13, 2018 | Blog | By Christie Martin
The IRS on April 11, 2018 released Revenue Procedure 2018-26 (Rev. Proc. 2018-26), which expands remedial action options in connection with certain post-issuance leases to private parties of facilities financed with tax-exempt bonds.
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Preserving Net Operating Losses (NOL) Carryforward: What Are You Doing to Protect Your Company’s Valuable Tax Assets?
April 8, 2015 | Blog | By Matthew Gardella
A company’s past NOLs can be used to offset taxable income in future years, subject to certain limitations. For companies that have operated at a significant loss and expect to turn a profit in the foreseeable future, the value of their NOL carryforward may be one of their most valuable assets on their balance sheet.
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