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Effect of stimulus bill on renewable energy projects

Reed Smith LLP
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USA
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January 28 2009

The renewable energy market relies on tax credits to help generate competitive returns

Technical tax flaw may be preventing the Recovery Act from accomplishing its objective in the marketplace

Reed Smith LLP
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USA
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May 13 2009

Reed Smith's renewable energy practice group recently submitted a proposal to the Obama administration that is designed to increase the pool of potential tax equity investors for renewable energy clients

Illinois Supreme Court closes the circuit and zaps two tax codes

Reed Smith LLP
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USA
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February 24 2009

On February 20, 2009, the Illinois Supreme Court ruled that for purposes of the Investment Tax Credit ('ITC') against the Illinois Personal Property Replacement Income Tax, a sale of electricity is a sale of tangible personal property

IRS issues guidance on electing investment tax credits in lieu of production tax credits; guidance regarding cash grants expected in July

Reed Smith LLP
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USA
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June 10 2009

The American Recovery and Reinvestment Act of 2009 (the "Recovery Act") included a number of significant changes affecting businesses engaged in the renewable energy market

IRS establishes safe harbor for Section 45 credits claimed by partners of wind energy partnerships

Reed Smith LLP
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USA
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October 24 2007

On October 19, 2007, the IRS released Revenue Procedure 2007-65, which establishes safe harbor rules under which the IRS will respect the allocation of Section 45 wind energy production tax credits among the partners of a partnership that owns a qualified wind energy facility

Treasury Department issues guidance on electing cash grants in lieu of production or investment tax credits

Reed Smith LLP
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USA
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July 14 2009

The American Recovery and Reinvestment Act of 2009 (the "Recovery Act") included a number of significant changes affecting businesses engaged in the renewable energy market

Proposed legislation would provide exemption from passive activity limitations for qualified wind facilities, extend cash grants in lieu of tax credits

Reed Smith LLP
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USA
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July 28 2009

Legislation is currently pending before the House Ways and Means Committee which would provide a partial fix to a technical tax flaw that is limiting investment in the renewable energy sector, notwithstanding provisions enacted as part of the American Recovery and Reinvestment Act of 2009 (the "Recovery Act") to encourage such investment

IRS issues guidance on application process for tax credits for manufacturers of renewable energy property

Reed Smith LLP
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USA
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August 18 2009

The American Recovery and Reinvestment Act of 2009 (the "Recovery Act") included a number of significant new tax incentives for businesses engaged in the renewable energy market

Congress wishes the renewable energy industry a merry Christmas, but more remains to be done

Reed Smith LLP
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USA
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December 20 2010

On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the "Job Creation Act"), extending for one year the cash grant program for renewable energy projects, which was initially enacted as part of the American Recovery and Reinvestment Act of 2009 (the "Recovery Act"

Treasury Department issues surprising new guidance allowing cash grants in connection with leases of renewable energy property to tax-exempt entities

Reed Smith LLP
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USA
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February 11 2010

The Treasury Department recently issued additional guidance (the "Guidance") that permits the owner of renewable energy property to qualify for a cash grant under section 1603 of the American Recovery and Reinvestment Act of 2009 (the "Cash Grant"), even if the property is leased to a tax-exempt entity such as a hospital or a municipality