Inflation Reduction Act: Recent Guidance and the Path Forward in 2024

On February 20 and February 21, 2024, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) held a public hearing on proposed regulations concerning the definition of energy property and rules applicable to obtaining tax credits pursuant to the Inflation Reduction Act of 2022 (IRA). The IRA allows taxpayers to deduct a…

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NYSDEC Seeks Input on Regulations Implementing Major Expansion of State’s Freshwater Wetlands Jurisdiction

On January 3, 2024, NYSDEC announced an Advanced Notice of Proposed Rule Making  for potential revisions to its freshwater wetlands regulations, accompanied by a complete pre-proposal draft of revised 6 NYCRR Part 664 regulations. NYSDEC is accepting public comments on its draft regulations through February 20, 2024. Background: 2022 Statutory Changes to the Freshwater Wetlands…

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Vineyard Wind 1 Comes Online; Still Faces Lawsuits

On January 2, 2024, the Vineyard Wind 1 project started producing power for the United States grid, becoming the second commercial-scale offshore wind project to do so after South Fork Wind came online in December 2023. This significant milestone comes as the U.S. Court of Appeals for the First Circuit considers appeals in several lawsuits…

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