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Articles by Jonathan J. Macke
Inflation Reduction Act: Registration Requirements for the Clean Fuel Production Credit
On May 31, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-49, which provides guidance on the registration process for taxpayers intending to claim the clean fuel production tax credit (the CFP Credit) under Section 45Z.1 Notice 2024-49 provides details regarding the registration process under Section 45Z and additional color regarding fuels and underlying feedstocks eligible for the CFP Credit.
Inflation Reduction Act: Recent Guidance under the SAF Credit and What it Means for Section 45Z
On April 13, 2024, the Internal Revenue Service (IRS) and U.S. Department of the Treasury (Treasury) released Notice 2024-37, which provides additional guidance and safe harbors with respect to the federal income tax credit (the SAF Credit) for sustainable aviation fuel (SAF) under Sections 40B and 6426(k).1 The SAF Credit was introduced by the Inflation Reduction Act of 2022 (the IRA).
Inflation Reduction Act: Treasury and IRS Release Final Regulations on Credit Transferability
On April 25, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations with respect to the transfer of certain energy transition tax credits under Section 6418 (the Final Regulations).1 Despite receiving a significant number of comments (approximately 80 comment letters), the Final Regulations are generally consistent with the proposed regulations under Section 6418 released in June 2023 (the Proposed Regulations).
Inflation Reduction Act: IRS Expands Eligibility for Energy Community Bonus Credit
On March 22, 2024, the Treasury Department and Internal Revenue Service (IRS) released Notice 2024-30 (the 2024 Notice). The 2024 Notice, which modifies Notice 2023-29 (the 2023 Notice),1 generally increases the likelihood that offshore wind projects will be eligible for the energy communities adder (the EC Adder) and grows the number of US counties that are eligible for status as an energy community (an Energy Community).
Repowering: Out With the Old, In With the Newer and Bigger
Repowering is the practice of upgrading or replacing key components of aging renewable or thermal power plants with new equipment or technologies. For example, a solar plant can be upgraded with new inverters, significantly improving its performance. A wind farm can be repowered with taller and more efficient wind turbines, which can increase its efficiency and output.
Proposed Guidance on Investment Tax Credits for Clean Hydrogen Production Facilities
On December 22, 2023, Treasury and the Internal Revenue Service released proposed regulations on tax credits under the Inflation Reduction Act relating to hydrogen. The proposed regulations address two tax credits for clean hydrogen production facilities. The first, discussed in our prior blog post, is the section 45V credit for the production of clean hydrogen (the "45V PTC"), which provides a production tax credit for hydrogen produced over a ten-year period (up to $3 per kg of hydrogen).
Inflation Reduction Act: New Monetization Techniques Are Helpful, But May Be Limited For Partnerships with Tax-Exempt Investors
The Inflation Reduction Act of 2022 (the “IRA”) includes two new monetization opportunities – (i) the ability to receive cash payments from the government in lieu of claiming certain tax credits (“Direct Pay”) and (ii) the ability to sell certain tax credits to third parties for cash (“Transferability”). These provisions were intended to increase the pool of capital for clean energy projects by expanding potential sources of funding based on tax credits.
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