New IRS Guidance for Energy Tax Credits: Energy Communities, Low-Income Communities, and Section 48C
Qualified Wind and Solar Projects, Placed-in-Service Considerations, Capacity Limitation, Applications for Capacity Allocation
Note: CPE credit is not offered on this program
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will provide attorneys instruction on key components of recent IRS guidance for the energy community adder, the low-income community adder, and Section 48C tax credits, including how the guidance impacts renewable energy investment, development, and production. The panel will discuss what projects are potentially eligible for the energy community adder, recently issued guidance under Notice 2023-18 related to the low-income community adder, applying for an allocation of the Section 48C credit, and other key items regarding energy tax credits.
- Overview of energy tax credits
- Energy Community Bonus Credit
- What is it?
- Three Categories of Energy Communities
- Notice 2023-29 and Proposed Regulations to Determine Eligibility
- Implications of Notice 2023-29 and Open Issues
- Qualified wind and solar projects
- What is it?
- Definition of "low-income community"
- Allocation of the Capacity Limitations
- Applications for allocation of Capacity Limitation
- Section 48C Tax Credits
- History of the advanced energy property credit program
- Revisions to the program under the IRA
- Qualifying Property/Projects
- Prevailing Wage and Apprenticeship Rules
- Application Timeline and Process
The panel will discuss these and other key issues:
- Overview of energy tax credits under current tax law
- What constitutes an energy community and what nuances apply with respect to determining if your facility is considered located within one?
- Does a taxpayer need any supporting documents in order to claim the Energy Community Bonus Credit?
- What is the effect of IRS Notice 2023-29 on projects placed in service during 2023 prior to the Notice?
- IRS Notice 2023-17 and key considerations and challenges for clean energy projects
- Review of the proposed IRS categories, process and timeline for applications
- Timing and application considerations in light of forthcoming additional guidance
Shariff N. Barakat
Akin Gump Strauss Hauer & Feld
Mr. Barakat represents clients involved in the acquisition, development and financing of power generation and... | Read More
Mr. Barakat represents clients involved in the acquisition, development and financing of power generation and infrastructure projects, with a particular focus on tax equity financing.Close
Sabrina N. Conyers
Ms. Conyers is a partnership and corporate tax attorney with more than 18 years of experience providing domestic and... | Read More
Ms. Conyers is a partnership and corporate tax attorney with more than 18 years of experience providing domestic and international tax transaction planning and advisory services, as well as general corporate, corporate governance, private equity, and real estate finance advisory services to her clients.Close
Anne S. Levin-Nussbaum
Ms. Levin-Nussbaum's practice encompasses a broad spectrum of US federal income tax matters, with a particular... | Read More
Ms. Levin-Nussbaum's practice encompasses a broad spectrum of US federal income tax matters, with a particular emphasis on renewable energy transactions and financing.Close