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Thursday, November 14, 2019

Democratic presidential candidate Joe Biden today released a plan to invest $1.3 trillion in infrastructure over 10 years, including permanence for the new markets tax credit (NMTC) incentive and a restoration of the renewable energy investment tax credit (ITC). Biden, a former U.S.

Thursday, November 7, 2019

Forty members of the House of Representatives sent a letter this week to House Speaker Nancy Pelosi, D-Calif., and Ways and Means Committee Chairman Richard Neal, D-N.Y., asking them to find a “path forward” for expired clean energy tax incentives. The letter specified the biodiesel, alternative fuel vehicle refueling property and second-generation biofuel producer tax credits.

Tuesday, November 5, 2019

The U.S. Treasury Department correctly denied a $39 million grant request under the American Recovery and Reinvestment Act (ARRA) Section 1603 program to a Virginia paper mill, according to the U.S. Court of Appeals for the Federal Circuit. The decision in WestRock Va. Corp. v. United States upheld an earlier decision by the U.S.

Friday, November 1, 2019

U.S. Reps. Peter King, R-N.Y., and Bill Pascrell, D-N.J., introduced a bill that would extend the renewable energy investment tax credit (ITC) for offshore wind projects. The Offshore Wind Power Act of 2019 (H.R. 4887) is the companion bill to S. 1988, introduced in June.

Tuesday, October 22, 2019

Mayors of 231 cities this week sent a letter to Congress asking for passage of the Renewable Energy Extension Act, which would extend the renewable energy investment tax credit (ITC) for five years. H.R. 3961 and S.

Wednesday, October 16, 2019

Two bipartisan, bicameral bills were introduced to extend two energy tax incentives that expired at the end of 2017. The Home Energy Savings Act (S. 2588 and H.R. 4506) would extend the Internal Revenue Code Section 25C tax credit for qualified energy efficiency improvements to Dec. 31, 2026.

Thursday, October 3, 2019

Sens. Maggie Hassan, D-N.H., and Susan Collins, R-Maine, introduced legislation that includes a provision to reinstate and increase the Internal Revenue Code Section 45L credit for energy efficient new homes. Similar legislation was introduced in the House of Representatives. The New Home Energy Efficiency Act would reinstate and extend the Section 45L credit, which expired at the end of 2017, through 2022.

Friday, September 27, 2019

The U.S. Appeals Court for the Federal Circuit affirmed Sept. 26 a U.S. Court of Federal Claims decision in the Alternative Carbon Resources LLC v. United States case that Alternative Carbon Resources cannot show that it was entitled to claim the alternative fuel mixture credits under Section 6426, nor can it show that it had reasonable cause to do so.

Friday, September 13, 2019

Reps. James Langevin, D-R.I., and Peter Welch, D-Vt., yesterday introduced the Building Efficiently Act of 2019 (H.R. 4317) to extend through 2020 and expand the Section 45L new energy-efficient home credit and to create a new tax credit worth up to 3.3 percent of the total construction cost for residential rental properties that reduce energy use by 40 percent or more.

Wednesday, September 11, 2019

The Internal Revenue Service will publish in tomorrow’s Federal Register a notice inviting comments on Notice 2010-54, which provided guidance regarding claiming the production tax credit (PTC) for refined coal. Among other things the notice modified the definition of refined coal and allowed certain processing of utility-grade coal to be taken into account for determining emissions reductions.

Wednesday, September 4, 2019

In a bench opinion, a United States Tax Court judge ruled that investors were bona fide partners in a refined coal production facility and were entitled to tax credits. The decision in Cross Refined Coal, LLC, USA Refined Coal, LLC, Tax Matters Partner v. Commissioner of Internal Revenue concerned whether Cross Refined Coal, LLC was a bona fide partnership and whether the tax credit investors were bona fide partners.

Monday, August 19, 2019

Reps. Elise Stefanik, R-N.Y., and Scott Peters, D-Calif., introduced the Renewable Electricity Tax Credit Equalization Act (H.R.

Wednesday, August 14, 2019

The heads of the Senate Finance Committee Tuesday released the first three of six reports by temporary tax provision task forces, examining provisions that expired or will expire between Dec. 31, 2017, and Dec. 31, 2019.

Thursday, August 1, 2019

The U.S. Senate voted 67-28 Thursday to pass a two-year, $2.7 trillion discretionary budget agreement, sending the legislation to President Donald Trump, who is expected to sign it. The budget deal, which was passed last week by the House of Representatives, would suspend the federal debt ceiling until July 31, 2021, and contains no provisions to extend expired or expiring tax provisions.

Thursday, July 25, 2019

The renewable energy investment tax credit (ITC) would be extended five years under legislation introduced today in both the House of Representatives and the Senate. The Renewable Energy Extension Act of 2019 would provide a five-year extension for both the ITC and the Section 25D tax credit for residential energy-efficient property.

Thursday, July 25, 2019

The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.

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.