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IRS and Treasury Host Hearing for Proposed Section 45V Clean Hydrogen PTC Regulations
Published by Alvin Lee and Peter Lawrence on April 18, 2024
Witnesses at an Internal Revenue Service (IRS) hearing on proposed regulations for the Internal Revenue Code (IRC) Section 45V tax credit for the production of clean hydrogen found plenty of problems and offered some solutions.
Section 45V Clean Hydrogen Production Credit Proposes Guidance on Determining Greenhouse Gas Lifecycles, Certification of Hydrogen Production, Generating Electricity from Renewable Resources, and Modifying and Retrofitting Old Facilities
Published by Alvin Lee and Peter Lawrence on April 18, 2024
The Inflation Reduction Act (IRA) introduced a multitude of new tax incentives for the promotion of clean energy development, including Internal Revenue Code Section 45V Credit for the production of clean hydrogen.
IRS and Treasury Final Regulations on Elective Pay for Clean Energy Tax Incentives Detail New Definitions and Special Rules While Addressing Concerns
Published by Alvin Lee and Peter Lawrence on April 17, 2024
The Inflation Reduction Act (IRA) includes multiple provisions that support the production of clean and renewable energy, including the new tax incentive monetization option of elective pay. The Internal Revenue Service (IRS) and the U.S. Department of the Treasury (Treasury) on March 5 released their final regulations on elective pay, also known as direct pay, (T.D. 9988) under Internal Revenue Code (IRC) Section 6417.
California Institutes LIHTC Rent Increase Cap
Published by Thomas Stagg on April 15, 2024
California affordable housing properties financed by low-income housing tax credit (LIHTC) equity have a new ceiling for rent increases after the California Tax Credit Allocation Committee (CTCAC) approved new regulations.
IRS Reallocates $8.2 Million in Unused LIHTCs from 2022, Nearly Tripling Earlier Amount
Published by Peter Lawrence on April 08, 2024
The Internal Revenue Service (IRS) granted approximately $8.2 million in unused low-income housing tax credit (LIHTC) allocation authority to states this week from fiscal year 2022, nearly triple the $3.2 million in unused allocation authority originally reallocated in October 2023.
IRS, Treasury Guidance Updates Low-Income Communities Bonus Credit Capacity Limitations for 2024 Round
Published by Dirk Wallace on April 08, 2024
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) March 29 issued Revenue Procedure 2024-19 to provide guidance for the Low-Income Communities Bonus Credit program.
2024 HUD Income Limits: A Closer Look
Published by Thomas Stagg on April 05, 2024
The U.S. Department of Housing and Urban Development (HUD) issued April 1 the Fiscal Year (FY) 2024 income limits. HUD issues two sets of income limits, one set that is applicable to HUD programs such as Section 8 and one set for Multi Family Tax Subsidy Projects (MTSP) that is used for low-income housing tax credit (LIHTC) and tax-exempt bond developments. The upward trend seen in recent years has continued, with most areas having an increase in income limits. The average increase across all counties was just under 6%.
Novogradac Publishes State Estimates for the 1.7 Million Homes that could be Financed by Biden-Harris Administration’s Fiscal Year 2025 LIHTC, NHTC Proposals
Published by Dirk Wallace and Peter Lawrence on March 27, 2024
As reported by this blog, the Biden-Harris Administration included proposals to expand the low-income housing tax credit (LIHTC) and create a neighborhood homes tax credit (NHTC) in its fiscal year (FY) 2025 budget request. However, the FY 2025 NHTC proposal differs from the Neighborhood Homes Investment Act (NHIA) and it’s important to understand the differences.
IRS, Treasury Hearing Reveals Potential Issues with Section 45X Guidelines Regarding Critical Minerals, Solar Energy and Wind Energy
Published by Peter Lawrence on March 26, 2024
The Internal Revenue Services (IRS) and U.S. Department of the Treasury (Treasury) hosted a hearing Feb. 22 where more than two dozen speakers shared their thoughts on the proposed Section 45X Advanced Manufacturing Production Credit regulations. The hearing transcript details speakers’ requests for clarification, examples and further guidance.
Treasury, IRS Release New Proposed Section 45X Advanced Manufacturing Production Credit Regulations on Key Domestic Critical Mineral and Manufacturing Policies and Key Components of Clean Energy Facilities
Published by Peter Lawrence on March 26, 2024
The Inflation Reduction Act (IRA) proposed several new tax credits and incentives to promote the production of clean energy. One of these tax credits was the Internal Revenue Code Section 45X Advanced Manufacturing Production Credit, which provides a production tax credit (PTC) for certain critical minerals and components of domestically manufactured clean energy facilities. The components eligible for the Section 45X credit include solar and wind facility components, energy storage components and 50 different critical minerals such as arsenic, bismuth and erbium.