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  Heather 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.

Senate Passes Tax Extenders Deal That Includes Extension of Renewable Energy Incentives


By , and on Dec 19, 2019
Posted In Project Development and Finance, Renewables, Tax, U.S. Congress

The US Senate today passed a package of tax extenders as part of the year-end appropriations act that the US House of Representatives passed on December 17, 2019. President Trump is expected to sign the legislation before the end of the day tomorrow to avoid a government shutdown. The package includes a one-year extension of...

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House Passes PTC, NMTC Extension Bill


By and on Dec 18, 2019
Posted In Project Development and Finance, Renewables, Tax

On December 17, 2019, the US House of Representatives passed a year-end fiscal year 2020 spending bill for the federal government that includes a one-year extension of the production tax credit under Section 45 (PTC) for wind and other technologies. The bill would extend the wind PTC for facilities the construction of which begins during...

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Court Rules That Wind Farm Did Not Provide Proof of Development Fee to Receive 1603 Cash Grant


By , , and on Jun 28, 2019
Posted In Environmental, Project Development and Finance, Tax

On June 20, 2019, the United States Court of Federal Claims published its long-awaited opinion in California Ridge Wind Energy, LLC v. United States, No. 14-250 C. The opinion addressed how taxpayers engaging in related party transactions may appropriately determine the cost basis with respect to a wind energy project under the Internal Revenue Code (IRC). Central...

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The Senate’s New Base Erosion Tax: Highlights for Renewable Energy


By , , , and on Dec 8, 2017
Posted In Renewables, Tax, U.S. Congress

On December 2, 2017, the Senate approved its version of the Tax Cuts and Jobs Act. The Senate Bill includes the base erosion and anti-abuse tax, a new tax intended to apply to companies that significantly reduce their US tax liability by making cross-border payments to affiliates. Given its potential to disrupt the financing of...

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Initial Republican Tax Reform Proposal Includes Tax Cuts and Changes to Energy Credits


By , , , and on Nov 3, 2017
Posted In Featured, Power Markets, Project Development and Finance, Renewables, Tax, U.S. Congress

Changes to the energy credits proposed in the Tax Cuts and Jobs Act could impact the eligibility of renewable energy projects that had been relying on the guidance previously issued by the Internal Revenue Service. Continue Reading

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Analysis of Energy and Tax Proposals in the 2018 Budget Proposal


By , , and on May 25, 2017
Posted In Project Development and Finance, Renewables, Tax, U.S. Congress

President Trump released his budget proposal for the 2018 FY on May 23, 2017, expanding on the budget blueprint he released in March. The budget proposal and blueprint reiterate the President’s tax reform proposals to lower the business tax rate and to eliminate special interest tax breaks. They also provide for significant changes in energy...

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IRS Issues Guidance on Tax Treatment of Energy Savings Performance Contracts


By , , and on Feb 2, 2017
Posted In Uncategorized

On January 19, 2017, the Internal Revenue Service (IRS) issued Rev. Proc. 2017-19, 2016-6 I.R.B. (the Rev. Proc.), providing a safe harbor under which it will not challenge the tax treatment of an Energy Savings Performance Contract Energy Savings Agreement (ESPC ESA) as a service contract under Section 7701(e)(3). While the application of the guidance...

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IRS Issues Additional Guidance on Beginning of Construction Rules for Renewable Projects


By , , , and on Dec 21, 2016
Posted In Environmental, Power Markets, Renewables, Tax

On December 15, 2016, the Internal Revenue Service released Notice 2017-04, which provides welcome guidance on how to meet the “beginning of construction” requirements for wind and other qualified facilities. There has been much uncertainty about when construction of these types of facilities begins for renewable energy tax credit purposes. The Notice (1) extends the...

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Court Awards $206 Million to Alta Wind Projects in Section 1603 Grant Litigation


By , , , and on Nov 4, 2016
Posted In Environmental, Project Development and Finance, Renewables, Tax

The US Court of Federal Claims awarded damages of more than $206 million to the Plaintiffs in a case with respect to the cash grant program under Section 1603 of the American Recovery and Reinvestment Act of 2009 (the Section 1603 Grant). In its opinion, which was unsealed on Monday, October 31, the Court held...

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Final Regulations Define ‘Real Property’ for REITs: Considerations for Renewable Energy and Transmission Assets


By , , , and on Sep 29, 2016
Posted In Renewables, Tax, Uncategorized

On August 31, 2016, the Internal Revenue Service (IRS) and US Department of the Treasury issued final regulations (Final Regulations) under section 856 of the Internal Revenue Code to clarify the definition of “real property” for purposes of sections 856 through 859 relating to real estate investment trusts (REITs). The Final Regulations largely follow proposed...

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