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On June 18, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued (T.D. 9998) (the “Final Regulations”) regarding compliance with the prevailing wage and apprenticeship requirements (the “PWA Requirements”) impacting many of the clean energy tax credits introduced or expanded by the Inflation Reduction Act of 2022 (the “IRA”).
V&E Renewable Energy Update
On May 31, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service continued to churn out Inflation Reduction Act of 2022 (“IRA”)1 guidance by releasing Notice 2024-49 (the “Notice”) regarding the clean fuel production tax credit (the “45Z Credit”)2 available under new section 45Z of the Internal Revenue Code of 1986, as amended.
V&E Renewable Energy Update
In part one of an explainer series about international deep-sea mining regulation, Louise Woods and Elena Guillet share advice for setting up sponsorship agreements between contractors and sponsoring states.
Published by Mining Technology
In part two of our series about international deep-sea mining regulation, Louise Woods and Elena Guillet explain what miners need to know about dispute resolution under the different regimes involved in exploration agreements.
Published by Mining Technology
On May 29, 2024, the Treasury Department (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations (REG-119283-23) (the “proposed regulations”) regarding the clean electricity production tax credit and the clean electricity investment tax credit provided by the Inflation Reduction Act of 2022 (the “IRA”)1 and available under new sections 45Y and 48E, respectively, of the Internal Revenue Code of 1986, as amended (the “Code”).
V&E Renewable Energy Update
On May 16, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued Notice 2024-41 (the “Notice”), which provides supplemental guidance on the domestic content bonus credit (the “Domestic Content Bonus”). While stakeholders may have been hoping for a more fulsome set of proposed regulations, the Notice still provides meaningful updates and clarifications to the previously issued guidance under Notice 2023-38 (the “Prior DC Notice”).1
V&E Renewable Energy Update
As the aviation market moves towards a more sustainable future and fuel source, Brazil and other Latin American countries are likely to serve as key production locations for SAF due to their unique natural endowments and existing experience with bio-fuels.
Published by PFI
V&E Energy Update
By 2050, the cost of producing low-carbon hydrogen is expected to be five times higher in the most expensive regions than the least expensive regions, according to the Hydrogen Council.
Published by Energy Intelligence
On April 25, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (T.D. 9993) (the “Final Transfer Regulations”) regarding the transfer election for certain tax credits by eligible taxpayers available under section 6418 of the Internal Revenue Code of 1986, as amended (the “Code”).
V&E Renewable Energy Update
In this article, published by Global Hydrogen Review, Lauren Davies, Andrew Nealon, Alistair Wishart and Garrett Finch examine some of the key challenges associated with using a ‘traditional’ project finance model in the development of low-carbon hydrogen projects and will also consider some potential solutions.
Published by Global Hydrogen Review
On March 22, 2024, the Internal Revenue Service (IRS) issued additional guidance in respect of the “Energy Community Bonus” in Notice 2024-30 (the “Notice”), which provides two key updates: (1) offshore wind farms have two new ways to meet the Nameplate Capacity Attribution Rule, and (2) adding new industry codes for evaluating employment rates related to fossil fuel industries.
V&E Inflation Reduction Act of 2022 Update