Kenneth Parsons

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Eyes on Energy Tax Update: January 2023

Eyes on Energy Tax Update is a regular publication of the Holland & Knight Energy Tax Team that provides highlights of important energy tax developments.

Treasury Department Releases Section 48C Guidance with Billions in Tax Credits Up for Grabs

Reinstated by the Inflation Reduction Act of 2022 (IRA), Section 48C of the Internal Revenue Code provides $10 billion in credits for qualifying advanced energy projects, $4 billion of which must be allocated to projects located in energy communities.1

Treasury Department, IRS Release Preliminary Low-Income Community Bonus Credit Guidance

Section 48 of the Internal Revenue Code provides an investment tax credit (ITC) for certain renewable projects, including solar and wind power projects, equal to 30 percent of the qualified investment in the project if prevailing wage and apprenticeship requirements are satisfied.

IRS Energy Community Bonus Guidance Provides Welcome Clarity

The Internal Revenue Service (IRS) released guidance regarding the energy community bonus credit under Sections 45, 48, 45Y and 48E.

Treasury Department, IRS Release Clean Vehicle Tax Guidance

Treasury Department, IRS Release Clean Vehicle Tax Guidance

Eyes on Energy Tax Update: First Quarter 2023

Eyes on Energy Tax Update is a regular publication of the Holland & Knight Energy Tax Team that provides highlights of important energy tax developments.

Break Out Your Calculator: IRS Releases Domestic Content Bonus Credit Guidance

Following the release of energy community bonus credit and low-income community bonus credit guidance, the U.S. Department of the Treasury and IRS recently provided taxpayers with the domestic content bonus credit guidance.

IRS and Department of Energy Release Additional Section 48C Guidance

Reinstated by the Inflation Reduction Act of 2022 (IRA), Section 48C of the Internal Revenue Code provides $10 billion in allocable credits for qualifying advanced energy projects, $4 billion of which must be allocated to projects located in energy communities.

Treasury Department, IRS Release Low-Income Community Bonus Credit Proposed Rules

The U.S. Department of the Treasury and IRS on May 31, 2023, released a Notice of Proposed Rulemaking (NPRM) regarding the low-income community bonus credit under Section 48 of the Internal Revenue Code. The NPRM requests comments by June 30, 2023.

Treasury Department and IRS Release Direct Pay and Transferability Guidance

As part of the Inflation Reduction Act, certain taxpayers may elect for a direct payment in lieu of a tax credit.

IRS Issues Updated Energy Community Bonus Guidance

The IRS on June 15, 2023, updated its energy community bonus guidance by issuing Notice 2023-45 and Notice 2023-47. The IRS also recently issued energy community bonus guidance in Notice 2023-29.

IRS Releases 2023 Section 45 Production Tax Credit Amounts

The IRS on June 21, 2023, released 2023 production tax credit (PTC) amounts under Section 45 of the Internal Revenue Code.

Inflation Reduction Act: Answers to Key Questions on Direct Pay and Transferability

In this alert, the Holland & Knight Energy Tax Team answers many of the key questions on direct payment and transferability of tax credits as provided for under the IRA.

Taxing the Rich: A Discussion of Qualified Small Business Stock and the Future of Code Sec. 1202

Tax attorneys Emily Risher and Kenneth Parsons authored an article in Taxes—The Tax Magazine providing an in-depth analysis of Internal Revenue Code Section 1202, which provides for the partial or full exclusion of capital gains on the sale of certain qualified small business stock.