The Internal Revenue Service issued Notice 2023-18 establishing a program to allocate $10 billion of credits for qualified investments in eligible qualifying advanced energy projects under Internal Revenue Code SectionContinue Reading IRS Establishes a Program to Allocate Credits to Qualifying Advanced Energy Projects
U.S. and Dutch Governments Announce Hydrogen Collaboration
On Oct. 6, 2020, the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE) and the Dutch Ministry of Economic Affairs and Climate Policy (Ministerie van Economische …
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IRS Takes First Steps to Implement Carbon Capture Tax Credit
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 tax credit per ton and to broaden the applicability to include “qualified carbon oxide.” The new IRS guidance is designed to assist in implementing the modified law.
The 2018 law removed the volume cap applicable to the tax credit, expanded the definition to include not just carbon dioxide but other carbon oxides such as methane, and raised the amount of the tax credit per ton. Carbon oxides captured and used for enhanced oil recovery can now receive a tax credit of up to $35 per ton, while carbon oxides deposited in secure geological storage can receive a tax credit of up to $50 per ton.
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FERC Launches Comprehensive PURPA Overhaul
On Sept. 19, 2019, the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking (NOPR) to modernize the Public Utility Regulatory Policies Act of 1978 (PURPA), to address…
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Digital Platform – Sustainable Forest Development Law in Mexico
On Sept. 6, 2018, the Secretariat of Environment and Natural Resources (SEMARNAT), along with the Secretariat of Agriculture, Livestock, Rural Development, Fishery and Food (SAGARPA), published a new agreement establishing…
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