Inflation Reduction Act
IRS and Treasury Department Release Guidance on the Deductibility of Eligible Expenses under the Paycheck Protection Program
On November 18, 2020, the IRS and Treasury Department released Revenue Ruling 2020-27 (the Revenue Ruling) stating that, if a taxpayer received a PPP Loan (defined below) and paid or incurred Eligible Expenses (defined below), the taxpayer may not deduct...
The PRG Pulse 2020 Post Election Webinar
Guest Speakers for the PRG Pulse 2020 Post-Election Webinar Michael Gottlieb: Former Counsel to President Obama and Senior Advisor on political-military affairs Ron Minsk: Former Special Assistant to President Obama on energy and environmental affairs at the White House National...
IRS and Treasury Department Release Last Set of Final Regulations on Bonus Depreciation
On September 21, 2020, the IRS and Treasury Department released the last set of final regulations (the 2020 Final Regulations) under the bonus depreciation rules of Section 168(k) of the Internal Revenue Code (the Code). Background Code Section 168(k) entitles...
IRS Provides Guidance on Presidential Payroll Tax Deferral
On August 28, 2020, the IRS issued Notice 2020-65 (the “Notice”) to provide guidance with respect to the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster , issued by President Trump to the Secretary of...
The Future of Carbon Capture, Use and Storage Projects: Tax Credits, Measurement Standards and Transaction Structures
Join Michael Gerrard , Columbia Law School Sabin Center for Climate Change Law Nigel Jenvey , GaffneyCline’s Global Head of Carbon Management and Bracewell Partner Elizabeth McGinley for a discussion regarding federal tax credits, secure geological storage and lifecycle analysis...
Treasury and the IRS Fuel Taxpayers' Confidence Regarding Section 45Q Credits following Call for Suspension of the Credits
On May 28, 2020, the Department of Treasury and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) under Section 45Q of the Internal Revenue Code (Section 45Q) for the capture, utilization and storage of carbon oxide (Section 45Q...
Treasury Releases Long-Awaited Proposed Regulations under Section 45Q
On May 28, 2020, the Department of the Treasury issued proposed regulations (the Proposed Regulations) under Section 45Q of the Internal Revenue Code of 1986, as amended (Section 45Q), which provides a credit for the capture and sequestration of carbon...
IRS Provides COVID-19 Relief for Taxpayers Seeking PTCs and ITCs
On May 27, 2020, the IRS released Notice 2020-41 (the Notice) providing relief to taxpayers seeking the production tax credit (PTC) or the investment tax credit (ITC) and encountering industry-wide construction and supply delays caused by COVID-19. Since the earliest...
CARES Act Update: IRS Issues Guidance for Amending Partnership Tax Returns
On April 8, 2020, the IRS released Revenue Procedure 2020-23 (the Revenue Procedure), which provides guidance for partnerships subject to the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (the BBA Audit Rules) to claim retroactive benefits...
Renewables Update: Treasury Expresses Intent to Modify Continuity Requirements for PTC and ITC
On May 7, 2020, in response to a letter from a consortium of U.S. Senators dated April 23, 2020 (the Senate Letter), the Treasury Department stated that it intends to modify rules related to the Continuity Safe Harbor (as defined...
CARES Act Update: IRS and Treasury Department Release Net Operating Loss Guidance
On April 9, 2020, the IRS and Treasury Department released Revenue Procedure 2020-24 (the Revenue Procedure) and Notice 2020-26 (the Notice). The Revenue Procedure provides technical guidance for corporations with respect to the net operating loss (NOL) provisions of the...
IRS Relaxes UBTI "Siloing" Rules for Most Exempt Organizations
On April 23, 2020, the IRS and the Treasury Department released Proposed Regulations that provide guidance for how tax-exempt organizations (“EOs”) conducting multiple unrelated trades or businesses can calculate their unrelated business taxable income (“UBTI”) in light of the enactment...
CARES Act Update: IRS and Treasury Department Issue Guidance Under Code Section 163(j)
On April 10, 2020, the IRS and Treasury Department released Revenue Procedure 2020-22 (the Revenue Procedure), providing guidance with respect to the application of the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act relating to the limitation...
COVID-19 Impact on US Renewable Energy Projects
The COVID-19 pandemic is raising numerous concerns for renewable energy projects under development in the United States. First, will Congress address renewable energy industry concerns in the coming round of the COVID-19 legislative debate, or soon thereafter, by extending renewable...
CARES Act – Bracewell Employment and Tax Lawyers Weigh In
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The CARES Act , an emergency relief bill providing roughly $2 trillion to businesses and individuals, aims to provide relief to the American...