The IRS on May 23, 2025, released 2025 production tax credit (PTC) amounts under Section 45 of the Internal Revenue Code. The guidance provides that: Section 45 allows a renewable energy PTC for generating electricity from...more
The U.S. House of Representatives passed the "One Big Beautiful Bill" on May 22, 2025, by a vote along party lines. The bill will now be taken up by the U.S. Senate. This Holland & Knight alert summarizes certain key...more
The IRS recently released an updated Form 4255, Certain Credit Recapture, Excessive Payments, and Penalties, which is used to report the amount due for certain credit recaptures, excessive payments, excessive credit transfers...more
The IRS issued Notice 2025-08 on Jan. 16, 2025, which provides updated guidance regarding the domestic content requirements under Sections 45, 48, 45Y and 48E of the Internal Revenue Code – the investment tax credits and...more
The U.S. Department of the Treasury and IRS on Jan. 10, 2025, released initial guidance regarding the production tax credit (PTC) for clean fuels under Section 45Z of the Internal Revenue Code, as enacted by the Inflation...more
Under Section 6417 of the Code, as enacted by the Inflation Reduction Act (IRA), certain taxpayers that fall within the statutory definition of "applicable entities" are allowed to elect to receive a direct payment (i.e.,...more
The U.S. Department of the Treasury and IRS on Jan. 3, 2025, released Final Regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the Inflation...more
The U.S. Department of the Treasury and IRS released initial guidance on Jan. 10, 2025, regarding the production tax credit (PTC) for clean fuels under Section 45Z of the Internal Revenue Code, as enacted by the Inflation...more
1/13/2025
/ Department of Energy (DOE) ,
Energy Projects ,
Energy Tax Incentives ,
Fuel Standards ,
Greenhouse Gas Emissions ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Prevailing Wages ,
Production Tax Credit ,
Renewable Fuel ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Dec. 12, 2024, issued Final Regulations regarding the investment tax credit (ITC) for Section 48 of the Internal Revenue Code, including the ITC for energy generation, energy...more
1/10/2025
/ Clean Energy ,
Energy Sector ,
Energy Storage ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Interconnections ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Popular ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Jan. 3, 2025, released final regulations regarding the production tax credit (PTC) for hydrogen under Section 45V of the Internal Revenue Code, as enacted by the Inflation...more
1/3/2025
/ Department of Energy (DOE) ,
Final Rules ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Oct. 28, 2024, published final regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code (Final Regulations)....more
11/8/2024
/ Energy Projects ,
Energy Sector ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
Production Tax Credit ,
Suppliers ,
Tax Credits ,
U.S. Treasury
The Chips and Science Act of 2022 (CHIPS Act) added Section 48D to the Internal Revenue Code (Code) to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment in the U.S. The credit is equal to...more
10/30/2024
/ Final Guidance ,
Final Rules ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
Manufacturing Facilities ,
Semiconductors ,
Tax Credits ,
Technology Sector ,
U.S. Commerce Department ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Oct. 24, 2024, released Final Regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code. The Final Regulations are effective 60...more
The U.S. Department of the Treasury and IRS on Sept. 19, 2024, released proposed regulations under Section 30C of the Internal Revenue Code providing important clarity on the changes made by the Inflation Reduction Act (IRA)....more
10/8/2024
/ Alternative Fuels ,
Apprenticeships ,
Business Taxes ,
Charging Stations ,
Energy Storage ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Motor Vehicles ,
Prevailing Wages ,
Property Tax ,
Proposed Regulation ,
Public Comment ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on Sept. 18, 2024, released proposed regulations under Section 30C of the Internal Revenue Code regarding the Alternative Fuel Vehicle Refueling Property Credit. The proposed...more
9/20/2024
/ Alternative Fuels ,
Apprenticeships ,
Comment Period ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
IRS ,
Motor Vehicles ,
Prevailing Wages ,
Proposed Regulation ,
Tax Credits ,
U.S. Treasury
The IRS on July 24, 2024, released Notice 2024-60, which provides Section 45Q guidance for utilization of carbon dioxide and other carbon oxides. The Notice addresses the information that must be included in the required life...more
8/12/2024
/ Administrative Review ,
Carbon Capture and Sequestration ,
Clean Air Act ,
Department of Energy (DOE) ,
Energy Sector ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Reporting Requirements ,
Tax Credits
Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also...more
8/8/2024
/ Alternative Fuels ,
Aviation Industry ,
Energy Efficiency ,
Energy Projects ,
Energy Sector ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
NPRM ,
Production Tax Credit ,
Rebates ,
Renewable Energy ,
Safe Harbors ,
Tax Credits ,
U.S. Treasury
Following the initial public release of private letter ruling (PLR) 20242002 as part of a state rate proceeding, on June 28, 2024, the IRS publicly released that ruling, as well as two companion rulings obtained by other...more
The IRS recently issued private letter ruling (PLR) 107770-22 that involved a normalization issue of first impression, namely, whether payments received by a utility pursuant to an intercompany tax allocation agreement (TAA)...more
5/9/2024
/ Affiliates ,
Amortization ,
Corporate Taxes ,
Depreciation ,
GAAP ,
Income Taxes ,
Investor-Owned Utilities ,
IRS ,
Net Operating Losses ,
Private Letter Rulings ,
Tax Allocation Agreements ,
Tax Cuts and Jobs Act ,
Tax Rates
The U.S. Department of the Treasury and IRS released Notice 2024-37 on April 30, 2024, regarding the Sustainable Aviation Fuel (SAF) Tax Credit found at Section 40B of the Internal Revenue Code as an income tax credit and...more
5/3/2024
/ Agricultural Sector ,
Aviation Industry ,
CARB ,
Carbon Offset and Reduction Scheme for International Aviation (CORSIA) ,
Climate Change ,
Department of Agriculture ,
Department of Energy (DOE) ,
Federal Pilot Programs ,
Fuel Supply ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Sustainability ,
Tax Credits ,
U.S. Treasury ,
USDA
Consistent with a state commission's existing regulatory policy, a utility's rate base for the first two years of the three-year rate cycle was computed using traditional cost-of-service/rate of return principles....more
Following the release of initial guidance in the form Notice 2023-2, the U.S. Department of the Treasury (Treasury) and IRS issued proposed regulations (the Proposed Regulations) under the Section 4501 stock repurchase excise...more
4/26/2024
/ Comment Period ,
Excise Tax ,
Fair Market Value ,
Foreign Corporations ,
Inbound Investments ,
IRS ,
Proposed Regulation ,
Rebuttable Presumptions ,
Stock Repurchases ,
Subsidiaries ,
U.S. Treasury
The U.S. Department of the Treasury Department and IRS on April 10, 2024, issued a supplemental notice of proposed rulemaking (NPRM) under the Internal Revenue Code's Section 45V clean hydrogen production tax credit (PTC)....more
4/12/2024
/ Comment Period ,
Department of Energy (DOE) ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Internal Revenue Code (IRC) ,
IRS ,
NPRM ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS released final regulations under Section 6417 of the Internal Revenue Code, as enacted by the Inflation Reduction Act (IRA). Section 6417 allows certain taxpayers to elect to...more
3/19/2024
/ Cash Value ,
Clean Energy ,
Comment Period ,
Final Rules ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Policies and Procedures ,
Production Tax Credit ,
Tax Credits ,
U.S. Treasury
The U.S. Department of the Treasury and IRS on March 5, 2024, released final regulations regarding the direct payment of tax credits under Section 6417 of the Internal Revenue Code (Elective Payment of Applicable Credits)....more