All News

Friday, December 4, 2020

The Office of the Comptroller of the Currency (OCC) today published a notice of proposed rulemaking requesting comment on its approach to determine Community Reinvestment Act (CRA) measurement thresholds.

Monday, November 30, 2020

President-elect Joe Biden today formally nominated Janet Yellen to be his Secretary of the Treasury. Yellen, the chairwoman of the Federal Reserve from 2014-2018, would be the 78th Treasury Secretary and first woman to hold the position if confirmed by the U.S. Senate.

Monday, November 16, 2020

A private letter ruling (PLR) from the Internal Revenue Service (IRS) states that a company is not a public utility company, since it provides a percentage of renewable energy generated through long-term solar energy service agreements for solar photovoltaic systems on the customer’s premises that are owned by the company.

Friday, November 13, 2020

A bipartisan bill introduced Thursday in the House of Representatives would make the renewable energy investment tax credit (ITC) temporarily refundable for projects that break ground by the end of 2021 and would extend the ITC phasedown by one year. The Solar Jobs Preservation Act of 2020, sponsored by Rep. Mike Levin, D-Calif., and Rep. Dave Schweikert, R-Ariz., is intended to offset the effects of the COVID-19 pandemic on solar development.

Thursday, October 29, 2020

The South Carolina Administrative Law Court granted a motion by the state’s department of revenue for a summary judgment to deny a capital investment tax credit to an energy company. In Duke Energy Corp. vs. S.C. Department of Revenue, the taxpayer challenged the state’s ruling that the capital investment tax had a $5 million lifetime limit, claiming the limit was $5 million per year.

Tuesday, October 13, 2020

Rep. Salud Carbajal, D-Calif., introduced legislation to create and expand renewable energy tax credits. The Energy Opportunity Zones Act of 2020 would designate regions within 120 miles of a coal power plant that has ceased operations or a nuclear power plant that has ceased operations or is scheduled to do so within six years of the enactment of the legislation as energy opportunity zones.

Thursday, October 8, 2020

Rep. Roger Williams, R-Texas, introduced a bill this week to make permanent Internal Revenue Code Section 179D, which offsets the energy-efficient components and systems for commercial property, including multifamily affordable housing buildings. The Incentivizing Energy-Saving Improvement Act (H.R. 8547) would eliminate the current expiration date of Dec.

Tuesday, September 22, 2020

A Novogradac special report released today examines the implications of a Democratic sweep of the House of Representatives, Senate and White House in November’s election.

Thursday, September 17, 2020

Hawaii legislation effective Sept. 15 provides that for taxable years beginning Jan. 1, 2020, no renewable energy technologies tax credit can be claimed for a solar energy system that is 5 megawatts or larger in total output capacity and requires a power purchase agreement (PPA) approved by the public utilities commission (PUC). S.B. 2820 clarifies that those systems placed in service with a PPA approved or pending before Dec.

Thursday, July 9, 2020

A unity task force created by Vice President Joe Biden and Sen. Bernie Sanders, D-Vt., yesterday released a set of policy recommendations for a Biden administration if he wins the presidential election in November. The 110-page task force blueprint calls to expand and make permanent the new markets tax credit (NMTC) and to double the funding for community development financial institutions.

Wednesday, July 8, 2020

Rep. Sean Casten, D-Ill., this week introduced the Energy Tax Credit Direct Payment Act of 2020 (H.R. 7491) to revive the Section 1603 program of the American Recovery and Reinvestment Act of 2009, allowing the Secretary of the Treasury to convert certain renewable energy tax credits into cash grants.

Thursday, July 2, 2020

Seven U.S. Senators authored a letter to Treasury Secretary Steven Mnuchin, asking Treasury to extend the continuity safe harbor provision further for offshore wind. The letter thanks Mnuchin for earlier guidance, but asks for an additional three years beyond the standard four-year safe harbor for offshore wind projects that began construction between 2016 and 2020.

Wednesday, July 1, 2020

The House of Representatives today approved a sweeping infrastructure bill, voting to send the $1.5 trillion legislation to the Senate. The Moving Forward Act (H.R.

Monday, June 29, 2020

A bipartisan group of 48 members of the House of Representatives submitted a letter requesting that House leadership delay the phasedown of the renewable energy investment tax credit (ITC) and the Section 25D residential energy-efficient tax credit, due to the effects of the COVID-19 pandemic. The letter cites the fact that the clean energy industry has lost jobs since the start of the phasedown and requests a delay in the phasedown of the credits.

Thursday, June 25, 2020

Rep. Mike Thompson, D-Calif., and 47 members of the House of Representative today introduced sweeping energy legislation that includes provisions that would extend and expand the renewable energy investment tax credit (ITC) and production tax credit (PTC). The Growing Renewable Energy and Efficiency Now (GREEN) Act would extend the ITC at 30 percent through 2025 before beginning a phasedown to 10 percent beginning in 2026.

Monday, June 22, 2020

Sweeping infrastructure legislation released today in the House of Representatives includes provisions to establish a permanent minimum 4 percent rate for the low-income housing tax credit (LIHTC), increase the annual LIHTC allocation amount, temporarily reduce the 50 percent test for bond-financed housing to 25 percent and permanently extend the new markets tax credit (NMTC) at $5 billion (with additional allocation in 2020 and 2021).

Tuesday, June 16, 2020

One hundred seventy-nine members of the House of Representatives signed a letter to House leadership Monday, asking for COVID-19-related relief, including a delay in the phasedown of existing renewable energy tax incentives and the option to allow renewable energy tax credits to be received as direct payments.

Wednesday, June 10, 2020

The U.S. Department of Treasury and the Internal Revenue Service (IRS) today posted a notice seeking recommendations to be included on the 2020-2021 Priority Guidance Plan. The Priority Guidance Plan identifies guidance projects that the Treasury and the IRS intend to focus on from July 1, 2020, through June 30, 2021.

Wednesday, May 27, 2020

The Internal Revenue Service today issued a notice to extend the continuity safe harbor for renewable energy production tax credit (PTC) and investment tax credit (ITC) properties that began construction in 2016 or 2017. Notice 2020-41 adds an extra year to the four-year continuity safe harbor in existing guidance, stating that those projects placed in service within five years will be deemed continuous.

Friday, May 22, 2020

Three Republican senators sent a letter Thursday to Treasury Secretary Steven Mnuchin, asking for relief from certain requirements for renewable energy investment tax credit (ITC) and production tax credit (PTC) properties due to the COVID-19 pandemic.