Insights & Resources

Weaver is closely following the IRS and Treasury Department’s activities to issue further guidance on IRA clean energy credits and incentives.

A provision in the Inflation Reduction Act of 2022 permits the transfer of renewable energy tax credits to an unrelated party in exchange for cash.

A number of states have updated their motor fuel tax rates and related fees effective in the first quarter of 2023.

The IRS has issued guidance on new sustainable aviation fuel tax credits that take effect on January 1, 2023. The guidance, Notice 2023-06, includes the following:

The IRS has issued guidance to taxpayers regarding claiming the alternative fuel tax credits for the first three quarters of 2022.

The Inflation Reduction Act of 2022, includes a number of the renewable energy tax provisions originally contained in the Build Back Better Act.

The Fifth Circuit Court of Appeals and the U.S. Court of Federal Claims held that the blends of butane and gasoline would not be eligible for the alternative fuel mixture credit.

On March 24, 2022, the Fifth Circuit Court of Appeals found the federal oil spill tax under IRC Section 4611(b) unconstitutional when imposed on exports of crude oil from the United States.

“Flowback services” used to transition an oil and gas well to production after hydraulic fracturing are taxable as equipment rentals under the Texas Administrative Code.

For mid-stream oil and gas companies, vendor and procurement fraud is all too common and can lead to substantial harm.