Insights & Resources

The first update since 1987 reflects technological advances in the energy industry and defines certain energy property added as part of the Inflation Reduction Act.

The biofuels industry suffered a blow in the Chemoil case which pitted the alcohol fuel mixture credit against the economic substance doctrine.

The IRS issued Notice 2023-65 on September 27, 2023, providing additional guidance on the §45L New Energy Efficient Home Credit. Learn more on this notice & credit.

The IRS issued proposed regulations on the application of the federal Superfund Tax that address a number of issues surrounding the imposition of the tax.

The IRS released guidance on the prevailing wage & apprenticeship requirements for increasing the amount of many IRA credits and the deduction under IRC § 179D.

In the March 6 Internal Revenue Bulletin the IRS issued a statement on export tax for oil spills. Find out more about this notice and how taxpayers are affected.

In a recent decision, the First District Court of Appeals in Illinois held that book-out transactions are transfers of ownership of fuel and are subject to tax.

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 recently signed Inflation Reduction Act of 2022 reinstates Superfund excise taxes on crude oil and imported petroleum products for the first time since 1995.

The Inflation Reduction Act extends the biodiesel & alternative fuel credits, provides a new credit for sustainable aviation fuel and much more.