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Tuesday, January 21, 2020

Legislation introduced in the Hawaii House of Representatives would clarify that a power purchase agreement approved by the state public utilities commission before Dec. 31, 2019, would receive a 35 percent investment tax credit up to the applicable cap amount of $500,000. The text of H.B.

Friday, January 17, 2020

Legislation in the Arizona Legislature would extend the state’s renewable energy production tax credit (PTC), while reducing the annual cap. H.B. 2290 would extend the sunset date for the state PTC by 10 years to Jan. 1, 2031, while decreasing the annual cap per taxpayer from $2 million to $200,000 beginning Jan. 1, 2021. The annual statewide cap would remain $20 million.

Friday, January 17, 2020

Legislation in the Virginia House of Representatives would create a state renewable energy investment tax credit (ITC). H.B.

Thursday, January 9, 2020

Rep. Tom Reed, R-N.Y., and five colleagues–two Republicans and three Democrats–introduced the Energy Sector Innovation Credit Act of 2019, which would create a technology-neutral tax credit for clean energy and storage. H.R. 5523 would create a tax credit for 30 percent of the basis of any qualified emerging energy property placed in service during a taxable year.

Wednesday, January 8, 2020

The Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation will publish their joint notice of proposed rulemaking for updated Community Reinvestment Act (CRA) regulations in Thursday’s Federal Register. The proposed CRA regulations were made public Dec. 12, 2019.

Monday, December 23, 2019

President Donald Trump late Friday signed two budget bills totaling $1.4 trillion–bills that include a one-year extension of both the new markets tax credit (NMTC) and renewable energy production tax credit (PTC), as well as an estimated $1 billion in low-income housing tax credit (LIHTC) allocation authority for California. The two measures fund the government for fiscal year 2020, which ends Sept. 30, 2020.

Tuesday, December 17, 2019

One of two year-end fiscal year 2020 spending bills for the federal government includes a one-year extension of the new markets tax credit (NMTC) at $5 billion, a one-year extension of the production tax credit (PTC) for wind at the phasedown rate of 60 percent and a nearly $1 billion disaster allocation of low-income housing tax credits to California after it was hit by wildfires in 2017 and 2018.

Thursday, December 12, 2019

The Office of the Comptroller of the Currency (OCC) today released a notice of proposed rulemaking to reform the Community Reinvestment Act (CRA) regulations. The OCC was joined by the Federal Deposit Insurance Corporation, which is one of three federal regulators that oversee the CRA. The Federal Reserve Board of Governors did not sign on.

Tuesday, December 10, 2019

A group of 22 senators sent a letter to Senate leadership Monday calling for the inclusion of clean energy tax incentives in any year-end tax legislation. The letter specifically called for the inclusion of the renewable energy investment tax credit (ITC), the ITC for offshore wind and for energy storage.

Thursday, December 5, 2019

Ten Democrat members of the House of Representatives introduced a bill that would allow taxpayers to receive a cash payment instead of a tax credit for renewable energy investment tax credits and production tax credits. The Renewable Energy Investment Act of 2019 (H.R. 5157) would allow Indian tribal governments to receive 100 percent of the credit in cash and would allow other taxpayers to receive 85 percent of the credit in cash.

Tuesday, December 3, 2019

The Internal Revenue Service will publish final regulations to implement the base erosion and anti-abuse tax (BEAT) in Friday’s Federal Register. Treasury Decision 9885 finalizes proposed regulations published Dec. 21, 2018, and is effective Friday.

Friday, November 22, 2019

Twenty-six members of the House of Representatives sent a letter this week to House Majority Leader Nancy Pelosi, asking for an extension of the renewable energy investment tax credit (ITC) in any year-end legislation. The letter specifically cites the ITC for solar, fuel cells, small wind, geothermal and other clean energy technologies.

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.