IRS

On August 16, 2022—one year ago today—President Biden signed the Inflation Reduction Act (“IRA”), the most significant clean energy and climate law in U.S. history.  As we described in a series last summer, the IRA created durable tax credits and other fiscal programs to revitalize domestic manufacturing and incentivize clean energy solutions in nearly every sector of the economy. The IRA’s one year anniversary is a key opportunity to take stock of what the law has propelled and what is expected around the corner.Continue Reading The First Year of the Inflation Reduction Act

In what some might view as a Holiday surprise, the IRS and Treasury today released a safe harbor revenue procedure for a partnership’s allocation of historic rehabilitation tax credits.  While on its face the guidance is limited to the housing rehabilitation credit, in the absence of other guidance, it should…
Continue Reading IRS and Treasury Issue Tax Credit Guidance for Partnerships