The Federal government's unprecedented move in the Inflation Reduction Act of 2022 (IRA) allows certain eligible investment and production tax credits to be sold from the party that generates the tax credit to an unrelated party solely for cash. The frenzy to market and sell these credits has…
On June 2, 2023, Texas Governor Greg Abbott signed into state law HB 591, which provides a severance tax exemption for natural gas produced from certain wells that would otherwise be lawfully vented or flared. Gas produced from a qualifying well must be consumed within 1,000 feet to qualify for…
The DOE eXCHANGE portal for Qualifying Advanced Energy Project 48C Credit Program is now open. Projects applying for the first allocation round of $4 billion of the Qualifying Advanced Energy Project Credit (Section 48C) investment credit must use this portal, or any successor portal, to…
The IRS released guidance on the prevailing wage and apprenticeship requirements for increasing the base credit amount of many Inflation Reduction Act (IRA) credits and the deduction under Internal Revenue Code (IRC) Section 179D.
At the May 2023 American Bar Association Tax…
The IRS has issued Notice 2023-38 providing guidance on the domestic content requirements for the additional bonus credit amount of up to 10% for Investment Tax Credit (ITC) or Production Tax Credit (PTC) qualified facilities, energy projects or energy storage technologies.
For…
Weaver is closely following the IRS and Treasury Department’s activities to issue further guidance on IRA clean energy credits and incentives.
On May 12, 2023, the IRS issued initial guidance for the domestic content bonus credit. Please stay tuned for more information about these…
The Inflation Reduction Act of 2022 permits the transfer of renewable energy tax credits to an unrelated party in exchange for cash as part of $369 billion in spending and tax credits for climate and energy programs. This provision could have a significant impact across the energy industry by…
Tune in as Mayur Naik and Shane Stewart discuss the direct pay permit and its benefits for businesses on this Weaver: Beyond the Numbers podcast episode.
The Inflation Reduction Act of 2022, signed into law by President Joe Biden on August 16, 2022, includes $369 billion in spending and tax credits for climate and energy programs over 10 years. The Act is a smaller version of the Build Back Better Act (BBBA) passed in the House of Representatives…
In the volatile and ever-changing risk landscape of today’s energy sector, effective internal controls have never been more critical. Whether it is conducting strategic internal audits, managing SOX compliance, or just finding ways improve the way your business operates, improving internal…
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