Tag Archives: carbon emissions

Summary of Guidance on Section 45Q Carbon Tax Credits Under 2020 Notice and Revenue Procedure

By Andrew W. Scher, James O. Lang, Philip R. Weingold and Margaret J. Weil on Posted in carbon emissions, Environment, Federal, GT Alert, Legislation, Natural Resources, Oil & Gas, Tax
On Feb. 19, 2020, the IRS released Notice 2020-12 and Revenue Procedure 2020-12 (together, the “Carbon Guidance”) which provide highly anticipated clarity on the Internal Revenue Code Section 45Q credit for carbon oxide sequestration. The Carbon Guidance provides details on determining when construction has begun on an eligible project, and valid partnership allocations (including a permissible partnership flip structure), … Continue Reading

IRS Takes First Steps to Implement Carbon Capture Tax Credit

By Robert Mangas and Katie P. Reed˘ on Posted in Carbon Credits, carbon emissions, Climate Change, Energy, Environment, Legislation, Oil & Gas, Tax, Technology
On Feb. 19, 2020, the Internal Revenue Service released partial guidance on the implementation of section 45Q tax credits related to the capture and sequestration of carbon dioxide. The section 45Q tax credit was updated on Feb. 9, 2018, as part of the Bipartisan Budget Act (Pub. L. 115-123) to increase the amount of the … Continue Reading

In Minnesota, More Little Red Corvettes May Soon be Electric

By Libretta Stennes and Bernadette M. Rappold on Posted in California, carbon emissions, Clean Air Act, Climate Change, Environment, Minnesota, Pollution
On Sept. 25, Minnesota Gov. Tim Walz asked the Minnesota Pollution Control Agency (MPCA) to initiate the process to establish a Clean Cars Minnesota Rule, which would set both a low-emission vehicle (LEV) standard and a zero-emission vehicle (ZEV) standard. Next month, the MPCA will begin its rulemaking process, with a goal of adopting a … Continue Reading

An uncertain path to a cleaner future: Zero carbon electricity legislation in New York and California

By Thomas R. Brill and Steven C. Russo on Posted in Articles, California, Carbon Credits, carbon emissions, Compliance, Energy, Environment, Legislation, New York, Renewables
With the recent passage of New York’s Climate Leadership and Community Protection Act, which calls for a carbon free electricity market by 2040, New York became the sixth state to pass legislation calling for a carbon free electricity market. Just one year earlier, California passed similar legislation, SB100, adopting a state policy to achieve a zero-carbon … Continue Reading

Mexico’s National Registry for Greenhouse Gases and Compound Emissions

By Erick Hernández Gallego and Nancy Guillén Espinosa on Posted in Climate Change, Energy, Environment, Greenhouse Gas, GT Alert
Mexico’s General Climate Change Law (Ley General de Cambio Climático) published in the Federal Official Gazette (Diario Oficial de la Federación “DOF”) on June 6, 2012, and the Regulations to the General Climate Change Law of the National Emissions Registry (Ley General de Cambio Climático en Materia del Registro Nacional de Emisiones) published in the … Continue Reading

EPA Releases its Proposed Rule to Cut Carbon Emissions at Existing Power Plants

By Michael Cooke on Posted in Energy, Federal Regulation
On June 2, 2014, the U.S. Environmental Protection Agency (“EPA”) published a draft rule that is intended to cut carbon emissions from existing power plants.  EPA hopes to accomplish this through a state-focused strategy that is essentially an energy control rule than a traditional environmental pollution control effort.  EPA expects to finalize the rule by … Continue Reading
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