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