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Sequestration: steamrolling grants for renewable energy?

Reed Smith LLP
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USA
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February 25 2013

The Sequestration steamroller is set to hit March 1, 2013 and we continue to monitor negotiations between the White House and Congress. The impact

Marcellus Shale tax update sales and use tax

Reed Smith LLP
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USA
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January 24 2013

The Pennsylvania Department of Revenue has taken the position that certain equipment used in Pennsylvania fracking operations is subject to sales tax

Another severance tax bill related to Marcellus Shale is proposed in Pennsylvania

Reed Smith LLP
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USA
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March 31 2011

The Marcellus Shale legislative season remains in full bloom as another severance tax bill was introduced in the Pennsylvania General Assembly this week

Marcellus Shale-related bills introduced in Pennsylvania in 2011

Reed Smith LLP
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USA
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March 3 2011

Several new Marcellus Shale-related bills have been introduced in the Pennsylvania Senate and House of Representatives since the start of 2011

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"

One step closer to a Marcellus Shale gas severance tax in Pennsylvania

Reed Smith LLP
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USA
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September 30 2010

Last night, the Pennsylvania House of Representatives voted 104-94 in favor of passing Senate Bill 1155, the state's first natural gas severance tax

New analysis of potential jobs and state revenue following a Pennsylvania severance tax on natural gas extraction

Reed Smith LLP
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USA
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September 15 2010

A recent report from researchers at the Pennsylvania State University indicates that, athough a state severance tax on natural gas extraction would have negative economic consequences on gas production companies, the overall benefit of state and local spending of revenue from the tax could increase population in the state by 1,300 people, add 1,400 new workers, and boost business sales by $80 million as well as personal income by $20 million

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

IRS modifies safe harbor rules for renewable energy projects utilizing partnership flip structure

Reed Smith LLP
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USA
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September 23 2009

On September 21, 2009, the Internal Revenue Service ("IRS") issued Announcement 2009-69, which modifies the safe harbor rules for partnership flip transactions, a common method of structuring investments in the renewable energy market

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

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