Renewable Energy
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…
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…
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,…
City Planning to Hold Public Hearing on the City of Yes for Carbon Neutrality Proposal
On July 26, 2023, the New York City Planning Commission (CPC) will hold a public hearing on the proposed zoning text amendment known as the City of Yes for Carbon Neutrality (COYCN). The proposed amendment aims to modernize the City’s Zoning Resolution to facilitate renewable energy development, building decarbonization, and electric vehicle (EV) charging deployment….
Energy Community Guidance for Brownfields under the Inflation Reduction Act
The Internal Revenue Service (IRS) and the Treasury Department released guidance last month on the bonus credit available for certain production and investment tax credits issued to qualified projects located in “energy communities” pursuant to the Inflation Reduction Act of 2022 (IRA). The IRA allows taxpayers to deduct a percentage of the cost of eligible…