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Articles by Ashlin Aldinger
Inflation Reduction Act Extends and Modifies Tax Credits for Wind Projects | JD Supra
On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. The IRA extends and significantly modifies the federal tax credits available for wind energy projects. This alert provides a summary for the wind industry. Additional alerts will provide summaries of the IRA focused on other clean energy technologies.
On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. The IRA extends and significantly modifies the federal tax credits available for wind energy projects. This alert provides a summary for the wind industry. Additional alerts will provide summaries of the IRA focused on other clean energy technologies.
U.S. Senate Introduces the Inflation Reduction Act | JD Supra
August 3, 2022 Ashlin Aldinger, Heather Welch Arbogast, Ryan Bernstein, Brian Kelly, Durham McCormick, Emilie McNally, Jon Neal, Michael Woodard McGuireWoods LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: On July 27, 2022, U.S. Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.V.) introduced the Inflation Reduction Act of 2022, which proposes new and revised tax incentives for clean energy.
IRS Further Extends Continuity Safe Harbor for 2016 and Later Renewable Energy Projects | JD Supra
On June 29, 2021, the IRS issued Notice 2021-41, providing taxpayers additional relief for purposes of satisfying the beginning-of-construction requirement for qualifying production tax credit (PTC) and investment tax credit (ITC) projects.
U.S. Senate Introduces the Clean Energy for America Act | JD Supra
On April 21, 2021, U.S. Senate Finance Committee Chairman Ron Wyden (D-Ore.) and 24 Democratic senators introduced the Clean Energy for America Act, which proposes to consolidate the current energy tax incentives available under the Internal Revenue Code.
Biden Proposes American Jobs Plan: Renewable Energy Initiatives | JD Supra
On March 31, 2021, President Biden released a fact sheet on his proposed $2.3 trillion initiative known as the American Jobs Plan. The plan includes spending to upgrade the electric grid and promote renewable energy.
Carbon Capture Tax Credits — IRS Issues Final Treasury Regulations | JD Supra
The U.S. Department of the Treasury and IRS recently issued final regulations regarding carbon capture tax credits under section 45Q of the Internal Revenue Code, which amend and clarify the proposed regulations issued last year. For a description of the proposed regulations, see McGuireWoods’ June 2020 alert, “IRS Proposes Regulations for Carbon Capture Tax Credit. ” The IRS also issued other guidance with respect to the carbon capture tax credits in 2020.
Continuity Safe Harbor Extended for Offshore Wind, Renewable Energy Projects on Federal Land | JD Supra
The IRS recently issued Notice 2021-05, which extends the continuity safe harbor to 10 years for offshore wind projects and renewable energy projects constructed on federal land. Under prior IRS guidance, most renewable energy projects had to be placed in service within four years after the year construction began; however, during the COVID-19 crisis, the IRS provided a one-year extension for renewable energy projects that began construction in 2016 or 2017.
New Tax Extender Legislation Passed for Renewable Energy, Carbon Capture Projects | JD Supra
On Dec. 21, 2020, the U.S. House of Representatives and Senate passed a year-end tax package, which would extend certain tax credits for renewable energy and other tax incentives. The bill was sent to President Trump for his signature.
IRS Proposes Regulations for Carbon Capture Tax Credit | JD Supra
On May 28, 2020, the IRS issued proposed regulations regarding carbon capture tax credits under Section 45Q of the Internal Revenue Code. The proposed regulations provide rules on secure geological storage, credit recapture, and transfer of the credit, among other items. This proposal constitutes the third set of guidance issued by the IRS with respect to the carbon capture credit.
Wind PTC and Solar ITC Gain COVID-19 Construction Relief From IRS | JD Supra
On May 27, 2020, the Internal Revenue Service issued Notice 2020-41, providing taxpayers with relief for purposes of satisfying the beginning-of-construction requirement for qualifying production tax credit (PTC) and investment tax credit (ITC) projects, including wind and solar projects.
IRS Provides Carbon Capture Tax Credit Guidance and Safe Harbor | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Wind PTCs Get One-Year Extension, Other Tax Extenders Signed Into Law | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Lawmakers to Vote on Tax Extenders Package: One-Year PTC Extension for Wind? Resurrected PTCs for Orphaned Tech? | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Treasury Proposes Guidance to Minimize Tax Consequences of LIBOR Phase-Out | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
2019 Tax Credit Inflation Adjustment Factor: 2.5 Cents per kWh for Wind Facilities | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Beginning Construction Continuity Safe Harbor Extended for National Security Concerns | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
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