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Thursday, July 18, 2019

A coalition of nearly 1,000 solar companies sent a letter to Congress this week calling for multiyear extensions for the renewable energy investment tax credit (ITC) and the Internal Revenue Code Section 25D credit for residential energy efficient property. The Solar Energy Industries Association headlined the effort. Unless Congress acts, the 30 percent ITC will begin a phasedown at the beginning of 2020.

Thursday, July 18, 2019

The Internal Revenue Service (IRS) will publish in Friday’s Federal Register its final regulations concerning the tax treatment of lessees of investment credit property following an election under Internal Revenue Code Section 50(d)(5).

Friday, June 28, 2019

A federal court released opinions siding with the government in two cases where taxpayers claimed developer fees to a related person in their costs while claiming cash grants under the Treasury Department’s renewable energy Section 1603 grant program. In both California Ridge Energy LLC vs.

Thursday, June 27, 2019

Legislation introduced in both houses of Congress would extend the 30 percent renewable energy investment tax credit (ITC) through 2025 for offshore wind. The Offshore Wind Incentives for New Development (WIND) Act would allow offshore wind projects to receive the ITC if they begin construction before Jan. 1, 2026. The ITC is currently scheduled to phase down to 10 percent in 2022. Six senators co-sponsored the legislation, while Rep.

Tuesday, June 11, 2019

The Internal Revenue Service (IRS) published a notice that provides the inflation adjustment factors to calculate the renewable energy production tax credit (PTC) for 2019. The PTC for electricity produced from wind–as well as closed-loop biomass and geothermal energy–increased from 2.4 cents per kWH to 2.5 cents. The notice also includes the PTC amounts for other forms of energy.

Thursday, May 16, 2019

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., today formed five task forces to examine expired and expiring tax extenders. The task forces will cover workforce and community development, health taxes, energy, business cost recovery and individual excise taxes and other temporary policies. There will be a sixth task force for related issues of temporary disaster tax relief.

Tuesday, May 14, 2019

Reps. Earl Blumenauer, D-Ore., and Darin LaHood, R-Ill., today introduced the Renewable Energy Transferability Act, which would allow the transfers of the renewable energy investment tax credit and production tax credit. Provisions would apply to taxable years beginning after the date of the bill’s enactment.

Monday, May 6, 2019

Sen. Ron Wyden, D-Ore., and 24 co-sponsors introduced legislation to create a clean energy production tax credit (PTC) and investment tax credit (ITC) that would consolidate the current 44 current energy incentives. The Clean Energy for America Act of 2019 would create a PTC of up to 2.4 cents per kilowatt-hour for facilities that are at least 35 percent cleaner than average and a 30 percent ITC for facilities with zero carbon emissions.

Monday, April 8, 2019

Rep. Mike Doyle, D-Pa., and two colleagues introduced legislation to expand the renewable energy investment tax credit (ITC) to included energy storage technology. The Energy Storage Tax Incentive and Deployment Act of 2019 would be effective for property placed in service after Dec. 31, 2018, and would subject storage technology to the phasedown of the ITC.

Friday, April 5, 2019

A group of 110 members of Congress sent a letter to House Ways and Means Committee Chairman Richard Neal, calling for any new tax legislation to include clean energy, including restoring and extending the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Wednesday, March 13, 2019

Three Virginia bills to provide a 35 percent state income tax credit for nonresidential solar equipment in specific areas, including opportunity zones, failed to advance in the state Legislature.

Tuesday, March 12, 2019

Legislation to reestablish the state solar energy property tax credit in South Carolina was assigned to the Ways and Means Committee. S. 362 would create a tax credit for 25 percent of the cost of construction or lease of a solar energy property, including installation, but the credit would only be available to property that meets certain qualifications.

Monday, March 11, 2019

The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.

Wednesday, March 6, 2019

Reps. Earl Blumenauer, D-Ore., and Jackie Walorski, R-Ind., yesterday introduced the Move America Act of 2019 (H.R. 1508) to spur investment in infrastructure improvements through Move America Bonds and Move America Credits. The bill would expand tax-exempt private activity bonds for infrastructure and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. Sens.

Tuesday, March 5, 2019

The House Ways and Means Subcommittee on Select Revenue Measures will hold a March 12 hearing on tax extenders. The hearing will address dozens of tax incentives that expired at the end of 2017, including the Section 179D energy-efficient commercial buildings deduction and the Section 45L credit for energy-efficient homes. Legislation was introduced in the Senate last week to extend 29 provisions through the end of 2019.

Thursday, February 28, 2019

Sens. Chuck Grassley, R-Iowa, and Ron Wyden, D-Ore., today introduced legislation to retroactively extend through 2019 tax provisions that expired in 2017 and 2018, including two renewable energy provisions. The Tax Extender and Disaster Relief Act of 2019 includes the Section 45L credit for energy efficient homes and the Section 179D energy-efficient commercial buildings deduction.

Friday, January 25, 2019

President Donald Trump today announced a short-term funding agreement to end the partial federal government shutdown after 35 days. The agreement will allow the U.S. Department of Housing and Urban Development to fund expired and expiring housing contracts and will allow the Community Development Financial Institutions (CDFI) Fund to resume movement toward the announcement of new markets tax credit allocations. The legislative measure will fund the government through Feb. 15 and Trump said border security negotiations will continue during the interim.

Wednesday, January 16, 2019

Sens. John Hoeven, R-N.D., and Ron Wyden, D-Ore., today introduced the Move America Act of 2019, legislation that would expand tax-exempt private activity bonds and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. The legislation would allow states to issue tax-exempt bonds in partnership with private entities, with each state receiving a bond allocation based on population size.

Monday, January 14, 2019

The U.S. Court of Federal Claims issued an opinion Jan. 7 that ordered a wind energy developer to pay back more than $5.6 million in Internal Revenue Code Section 1603 cash grants. The court sided with a Department of Treasury’s claim that the wind energy developer inappropriately calculated the grant amount for which it should qualify.

Friday, January 11, 2019

Rep. Joe Neguse, D-Colo., Thursday introduced the Solar Expansion of Distributed Generation Exponentially (Solar EDGE) Act.