All News

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.

Thursday, May 14, 2020

The production tax credit (PTC) for electricity produced by wind will remain 2.5 cents per kWH in 2020, according to a notice published by the Internal Revenue Service. The IRS notice specifies that the PTC for wind–as well as closed-loop biomass and geothermal energy–stay at the same level as 2019.

Tuesday, May 12, 2020

House Democrats today unveiled a $3 trillion COVID-19 relief bill, their proposal for “Phase 4” of pandemic relief legislation. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act would provide nearly $1 trillion to state and local governments to avert layoffs and $200 billion in hazard pay for essential workers.

Friday, May 8, 2020

A letter from the U.S. Department of Treasury to a group of U.S. senators says rules will be issued to modify the continuity safe harbor for the renewable energy production tax credit and investment tax credit. The Treasury letter was in response to an earlier letter from the bipartisan group of senators that asked Treasury to extend the safe harbor from four years to five years for projects that began construction in 2016 or 2017.

Monday, May 4, 2020

The Internal Revenue Service issued a notice that clarifies that taxpayers are not allowed a deduction for an expense if payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan, and the income associated with the forgiveness is excluded from gross income.

Thursday, April 30, 2020

The Internal Revenue Service will publish a revenue procedure May 18 to temporarily allow taxpayers to electronically submit requests for private letter rulings and other guidance. Revenue Procedure 2020-29 modifies an earlier revenue procedure and will allow both paper and electronic requests for advice until Revenue Procedure 2020-29 is modified or superseded.

Friday, April 24, 2020

A bipartisan group of six senators–including the chairman and ranking member of the Senate Finance Committee–Thursday sent a letter to the Treasury Department, urging an extension of safe harbor provisions for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Friday, April 24, 2020

President Donald Trump today signed the $484 billion COVID-19 relief bill into law, providing $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.

Wednesday, April 22, 2020

The House of Representatives is expected to vote Thursday morning on a $484 billion COVID-19 relief bill that includes $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.