On May 31, 2023, the Internal Revenue Service issued additional detailed guidance via Notice 2023-44 for the Qualifying Advanced Energy Project Credit Allocation Program as was extended by the Inflation Reduction Act of 2022 (IRA) to provide an additional $10 billion credit allocation.

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The Internal Revenue Service has released guidance for determining the beginning of construction of a qualified facility, property, or project or equipment (collectively, “qualified facility”) for purposes of the increased Inflation Reduction Act credits or deduction by satisfying the prevailing…

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 new credit transfer provision in the Inflation Reduction Act (IRA) could provide a new opportunity for real estate investment trusts (REITs) to invest in properties with solar facilities. The IRA’s extension of the investment tax credit (ITC) for solar energy, along with new credit…

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…

The Inflation Reduction Act of 2022 (IRA) provides $369 billion in spending and tax credits over 10 years to expedite the transition to decarbonized energy sources. The Act reforms and expands the system of energy tax credits to provide incentives for existing and emerging zero-emissions energy…

This is one of two articles about how companies may benefit from the R&D tax credit.

Qualified new businesses and startups, including technology companies, may be eligible to elect to apply the R&D tax credit against their payroll taxes for up to five years, saving them up to $2,…