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 McDermott Will & Emery, Heather Cooper, Justin Jesse, Martha Groves Pugh and Philip Tingle 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
McDermott Will & Emery
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.
Justin JesseJustin Jesse focuses his practice on US and international tax and tax controversy. He advises clients on all aspects of tax disputes, including cases before the US Tax Court, US district courts and the Internal Revenue Service (IRS). Such matters have included disputes relating to captive insurance, research and development credits, transfer pricing and tax advantaged transactions. He has also represented clients before Congress relating to investigations of tax-related matters. Read Justin Jesse'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.
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.
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