On Aug. 29, the U.S. Department of the Treasury and the IRS proposed regulations and new guidance regarding the prevailing wage and apprenticeship (PWA) prerequisites associated with eligibility for full-value clean energy tax credits under the Inflation Reduction Act. Read on for an overview of the rules and guidance, which provide more certainty and greater
Latest from Lights On - Page 2
PHMSA Announces Proposed Rulemaking Affecting Natural Gas Distribution Systems
On Aug. 24, the U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration announced the forthcoming publication of proposed rules intended to increase the safety of gas distribution pipelines nationwide. Read on for a brief overview of the proposal, which aims to improve emergency response plans, integrity management plans and operation manuals.
U.S. Transportation Department Grants States $64.4 Million to Bolster Pipeline Safety
On Aug. 2, 2023, the U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration (PHMSA) announced the grant of $64.4 million to states to improve the safety of pipelines and underground natural gas operations.
The goal of the grant is to provide states with the funding necessary to inspect pipelines and underground natural gas
Biden Administration Finalizes Three Wind Energy Areas off Mid-Atlantic Coast
On July 31, the Bureau of Ocean Energy Management announced three final wind energy areas off the shores of Delaware, Maryland and Virginia. Read on for details about the new wind energy areas, which have the potential to support 4-8 gigawatts of energy, contributing to the Biden administration’s goal to deploy 30 gigawatts of offshore
Applications Open — White House Announces $20 Billion in Grant Competitions to Boost Clean Energy Projects
The Biden administration recently announced a $20 billion clean energy investment plan creating two complementary competitions providing funding for community-based climate projects across the country.
Read on for details about the National Clean Investment Fund and the Clean Communities Investment Accelerator. Applications are due Oct. 12, 2023.
CFTC: Calling All Whistleblowers in Carbon Markets
With an “alert” issued June 20, the Commodity Futures Trading Commission is targeting carbon markets by asking whistleblowers to come forward with information about fraudulent or manipulative trading of carbon credits and other environmental commodities as well as related derivatives.
Read on for details about the CFTC’s alert and implications for entities that trade in
IRS Issues More Guidance for Section 48C Advanced Energy Project Tax Credit Allocation Program
The Inflation Reduction Act of 2022 extended and modified a federal investment tax credit for a broad variety of advanced energy manufacturing projects. The program relies on an application and award process to allocate the tax credits.
Read on for newly released details about the application process and technical guidance for the 48C program.
High Court Opens Door to Suits Against FERC, McGuireWoods Attorneys Write in Law360
Recent U.S. Supreme Court decisions letting federal courts hear constitutional challenges to enforcement proceedings at federal agencies opened the door to similar challenges to in-house enforcement proceedings at the Federal Energy Regulatory Commission (FERC), McGuireWoods Washington, D.C., partner Todd Mullins and associate Emily Song wrote in Law360.
Domestic Content 10% Bonus Guidance Released (IRS Notice 2023-38)
The Inflation Reduction Act of 2022 (IRA) created a 10% tax credit adder to encourage the use of “domestic content” in renewable projects that qualify for the production tax credit (PTC) and investment tax credit (ITC). Projects built using the required amounts of U.S.-produced steel, iron and manufactured products can receive a significant 10% increase
Opening Soon — Application for Section 48C Advanced Energy Project Investment Tax Credit
The application process for the first round of funding for the Section 48C credit will open May 31, 2023. The IRS will issue additional guidance on the program before the application process opens but the application window closes July 31, 2023, so interested taxpayers should prepare submissions now.