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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.

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.