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New incentivized sales tax exemption for renewable energy development in Nebraska
  • Reed Smith LLP
  • USA
  • June 5 2013

On June 4, 2013, Nebraska Governor Dave Heineman signed into law a bill (LB104) designed to incentivize the development of renewable energy in the


A taxing situation: Pennsylvania realty transfer taxes & oil and gas conveyances
  • Reed Smith LLP
  • USA
  • March 4 2014

Conveying oil and gas interests in Pennsylvania raises the question as to whether the document conveying the interest is subject to realty transfer


IRS releases new guidance on beginning of construction
  • Reed Smith LLP
  • USA
  • August 13 2014

On August 8, 2014, the Internal Revenue Service ("IRS") issued Notice 2014-46 (the "Notice"), which clarified certain aspects of the beginning of


Sequestration: steamrolling grants for renewable energy?
  • Reed Smith LLP
  • USA
  • 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


Another severance tax bill related to Marcellus Shale is proposed in Pennsylvania
  • Reed Smith LLP
  • USA
  • 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


New analysis of potential jobs and state revenue following a Pennsylvania severance tax on natural gas extraction
  • Reed Smith LLP
  • USA
  • 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
  • USA
  • 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 issues guidance on application process for tax credits for manufacturers of renewable energy property
  • Reed Smith LLP
  • USA
  • 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


Illinois Supreme Court closes the circuit and zaps two tax codes
  • Reed Smith LLP
  • USA
  • 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


One step closer to a Marcellus Shale gas severance tax in Pennsylvania
  • Reed Smith LLP
  • USA
  • 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