Renewable Energy & Energy Development
Inflation Reduction Act Guidance: Recent Updates to the Domestic Content and Energy Community Bonus Credits
The Internal Revenue Service (IRS) and the Treasury Department have recently released updated guidance under the Inflation Reduction Act of 2022 (IRA). As covered in a prior SPR Blog Post, the IRA allows taxpayers to deduct a percentage of the cost of eligible renewable energy systems from their federal taxes through an Investment Tax Credit…
New York State FY 2025 Budget Includes Significant Housing & Environmental Programs
On April 20, 2024, the New York State Legislature enacted the long-awaited $237 billion budget for Fiscal Year 2025 (the FY 2025 Budget). Housing reform is the centerpiece of the FY 2025 Budget, given the bipartisan nature of the on-going housing affordability and vacancy crisis—especially in New York City. Last year’s FY 2024 Budget notably…
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…
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…
Biden Administration Proposes “Phase 2” Revisions to NEPA Regulations
On July 31, 2023, the Council on Environmental Quality (CEQ) published a Notice of Proposed Rulemaking (NPRM) for its second phase of revisions to the 2020 National Environmental Policy Act (NEPA) amendments. As a brief primer, NEPA imposes procedural requirements on all federal agencies to consider the effect of a project or action on the…
Rooftop Solar Systems Required by NYC Local Laws May Qualify for IRA’s Renewable Energy Tax Credits
New York City local law requires new roofs (with some exceptions) to install a solar photovoltaic (PV) electricity generating and/or green roof system. While these requirements became effective in 2019, given the pace of construction in New York City, many of the roofs covered by the law have only recently been, or will soon be,…