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By McDermott Will & Emery, Heather Cooper, Kevin Spencer and Philip Tingle on May 20, 2016
Posted In Renewables, Tax
On May 18, 2016, the Internal Revenue Service (IRS) revised Notice 2016-31 (Notice), its recent guidance on meeting the beginning of construction requirements for wind and other qualified facilities (including biomass, geothermal, landfill gas, trash, hydropower, and marine and hydrokinetic facilities). For a discussion of the Notice, click here. The revisions clarify that the Continuity...
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Key Developments in the Photovoltaic Sector in Italy
By McDermott Will & Emery on May 12, 2016
Posted In EU Developments, Power Markets, Project Development and Finance
The regulatory framework for solar photovoltaic plants in Italy is constantly evolving. Plant owners, asset managers and investors need to stay informed in order to adapt to developments in this sector and avoid adverse outcomes. The following highlights the key updates in this market in the last 12 months. Read the full article.
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IRS Issues Guidance on the Beginning of Construction Rules for Renewable Projects
By McDermott Will & Emery, Heather Cooper, Kevin Spencer and Philip Tingle on May 11, 2016
Posted In Renewables, Tax
The Internal Revenue Service recently issued Notice 2016-31, which provides much-needed guidance for wind and other qualified facilities on meeting the beginning of construction requirements in light of the 2015 statutory extension and modification of the production tax credit and the investment tax credit. The Notice also revises and adds to the list of excusable disruptions...
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Short-Term Reauthorization of FAA Programs Potentially Paves the Way For Omitted Energy Credit Extenders
By McDermott Will & Emery, Heather Cooper, Kevin Spencer and Philip Tingle on Apr 7, 2016
Posted In Project Development and Finance, Renewables, Tax, U.S. Congress
As discussed in our post on March 16, the Congressional extension of the Production Tax Credit (PTC) under Internal Revenue Code (IRC) Section 45 and the Investment Tax Credit (ITC) under IRC Section 48 in December 2015 failed to include extensions for certain types of renewable energy property, including fuel cell power plants, stationary microturbine...
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President Obama Signs Consolidated Appropriations Act
By McDermott Will & Emery, Heather Cooper, Kevin Spencer and Philip Tingle on Mar 16, 2016
Posted In Project Development and Finance, Renewables, Tax, U.S. Congress
Renewable Energy Industry Seeks Additional Energy Credit Clarifications On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act). The Act includes multi-year extensions of the Production Tax Credit (the PTC) under Internal Revenue Code (IRC) Section 45 and the Investment Tax Credit (the ITC) under IRC...
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Timing Is (Almost) Everything: FERC Implements D.C. Circuit Guidance on NEPA Review of Multiple Pipeline Construction Projects
By McDermott Will & Emery on Mar 14, 2016
Posted In FERC, Natural Gas
In the wake of two recent D.C. Circuit decisions, the Federal Energy Regulatory Commission (FERC) has begun to implement its new policy concerning the review of natural gas pipeline construction proposals under the National Environmental Policy Act (NEPA). To decide whether a NEPA review must include other projects proposed by the pipeline, FERC will look...
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New York Staged to Begin Full Community Net Metering Program
By McDermott Will & Emery on Mar 11, 2016
Posted In Project Development and Finance, Renewables
Community net metering is relatively new to New York. Last July, the New York Public Service Commission (PSC) issued an order establishing a “community distributed generation program” that allows multiple customers to net meter from a single solar generation facility. Community net metering will implement principles that are part of New York’s sweeping energy policy...
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Key Energy-Related Tax Provisions in the 2017 Budget Proposal
By McDermott Will & Emery, Heather Cooper and Philip Tingle on Feb 23, 2016
Posted In Environmental, Natural Gas, Renewables, Tax, U.S. Congress
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...
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What Must Be Done for Wind and Solar Projects to Have “Begun Construction” under the New PTC and ITC?
By McDermott Will & Emery, Heather Cooper, Kevin Spencer and Philip Tingle on Feb 5, 2016
Posted In Project Development and Finance, Renewables, Tax
With the recent extension of the federal income tax credits available for renewable energy projects, practitioners and industry participants have raised questions as to how the “begun construction” rules will apply under these new regimes. The new regimes refer to the dates on which construction on projects began for purposes of determining qualification for the...
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Extension of Renewable Energy Tax Incentives
By McDermott Will & Emery, Heather Cooper, Kevin Spencer and Philip Tingle on Jan 14, 2016
Posted In Environmental, Renewables, U.S. Congress
On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act), which included welcomed extensions to a number of energy tax incentives. The legislation includes multi-year extensions of the Section 45 Production Tax Credit (the PTC) and the Section 48 Investment Tax Credit (the ITC) for wind and...
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