President Obama’s recently released budget proposal for the 2017 fiscal year repeats many of his past energy-related tax proposals, including a permanent extension of the renewable energy production tax credit and a provision making it refundable. Making the production tax credit permanent and refundable signals the administration’s continued strong support for renewable energy. This On the Subject summarizes the key energy-related tax provisions contained in the budget proposal and detailed further in the US Department of the Treasury’s general explanation of the proposal.
Key Energy-Related Tax Provisions in the 2017 Budget Proposal
By Philip Tingle, Martha Groves Pugh, Heather Cooper and McDermott Will & Emery on February 23, 2016
Tags: carbon dioxide investment tax credit, Investment Tax Credit, new manufacturing communities tax credit, new markets tax credit, President Barack Obama, Production Tax Credit, research and experimentation, second generation biofuel production, sequestration tax credit, US Congress, US Department of the Treasury
Philip TinglePhilip (Phil) Tingle represents energy companies such as utilities, independent power producers and financial institutions on a wide range of energy tax-related matters. He is the global head of the Firm's Energy Advisory Practice Group. Phil provides advice regarding all aspects of renewable-energy projects, including tax equity structures, refinancings, acquisitions and dispositions, restructurings and workouts. He has extensive experience with the production tax credit and with the application of renewable credits to new technologies. Moreover, he works with the investment tax credit for numerous kinds of solar projects. Read Philip Tingle's full bio.
Martha Groves PughMartha (Marty) Groves Pugh advises clients on federal income tax issues with a particular emphasis on the nuclear and energy industries. Marty has helped clients seek and receive many private letter rulings and has extensive experience in drafting legislative language for tax proposals and interacting with the US Department of Treasury and the Internal Revenue Service on important industry issues. Her practice also includes tax planning for proposed transactions and advising clients on audits, appeals and litigation issues. Read Martha Groves Pugh's full bio.
Heather CooperHeather Cooper works on federal income tax matters, with a focus on energy tax issues. She represents clients in restructurings, mergers and acquisitions, and other transactional energy related matters. Heather's national practice includes advising on all aspects of renewable energy transactions such as solar and wind projects. She provides advice on tax equity structures, refinancings, acquisitions and dispositions, restructurings and workouts. Read Heather Cooper's full bio.
McDermott Will & EmeryRelated Posts
- IRS Releases Initial Section 45Q Carbon Sequestration Credit Guidance
- Energy Tax Extenders in FAA Bill Unlikely
- Why 2030 is the New 2050 after the Leaders Climate Summit and What President Biden’s Accelerated Transition to a Sustainable Economy Means for Renewables Developers, Investors and Corporates
- The Carbon Tax Checklist
- What COVID-19 Means For Renewable Projects And Financing
BLOG EDITORS
STAY CONNECTED
TOPICS
ARCHIVES
RECENT POSTS
- Seeing a $100 Billion Market Opportunity, North Carolina Governor Commits to Developing 2.8 Gigawatts and Eight Gigawatts of Offshore Wind by 2030 and 2040, Respectively, through Executive Order
- Nine Governors Issue Letter to President Biden Urging Continued Prioritization of Offshore Wind Development
- DOI Announces Competitive Lease Sale for Offshore Wind Development off the Coasts of New York and New Jersey
- Biden Administration Aims to Fix “Structural Weaknesses” in Key Supply Chains and Rolls Out National Blueprint for Lithium Ion Batteries
- Key Takeaways | How Traditional Energy Funds are Shifting Toward Green Energy: A Conversation with Encap Investments and Quantum Energy Partners
