Tag Archives: carbon tax

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

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
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