29 Nov 2022
Rev it up!! Taking Tax Credits for EV Charging Stations
The Inflation Reduction Act (Pub. L. No. 117-169), as enacted on August 16, 2022, extended, expanded and renewed alternative fuel vehicle refueling property (AFVRP) tax credits that apply to electric vehicle charging stations, liquefied natural gas, compressed natural gas, liquefied petroleum gas, hydrogen, ethanol and biofuels. A top tax credit of $100,000 is available to investors or owners of EV infrastructure per item of alternative refueling property, although, without careful planning, the credit may be reduced to as low as $6,000 per item.
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Delve into the world of tax credits. This practice note discusses energy tax credits and incentives for businesses, including the investment tax credit, the low sulfur diesel fuel production credit, the energy efficient home credit, the carbon oxide sequestration credit, the biofuel producer credit, the I.R.C. § 179D deduction for commercial buildings, the clean vehicle credit, the previously-owned clean vehicle credit, the qualified commercial clean vehicles credit, the advanced manufacturing production credit, the clean electricity production credit, the clean investment credit, and the clean fuel production credit.
- Renewable and Clean Energy Tax Incentives State Law Survey
Reference this state law survey which outlines federal and state laws and regulations that exist surrounding renewable and clean energy tax incentives. The survey addresses tax incentives for businesses, individuals, property, and sales and use issues.
Legal Developments
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Updated final regulations for required minimum distributions (RMDs) under Internal Revenue Code Section 401(a)(9) will not apply before 2023, IRS has announced in Notice 2022-53.
- Retirement Plan Sponsors Have Short 2022 Year-End Amendment List
With IRS Notices 2022-33 and 2022-45 recently extending several plan amendment deadlines, retirement plan sponsors now have few (if any) plan amendments to adopt before 2022 draws to a close.
- LB&I Memo Providing Updated Guidance on the Statute of Limitations on Section 965 Examinations
This article discusses the IRS Large Business and International (LB&I) division’s updated memorandum—LB&I-04-0922-0019—providing guidance regarding the extended statute of limitations for section 965 issues.
Practical Guidance Updates
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- Tax Key Legal Developments Tracker (Federal)
Stay informed on new developments:- Business Entities. Speaking of tax credits, the IRS and the Treasury announced that they plan to issue guidance under new R.C. § 45Vand new I.R.C. § 45Z, as added to the I.R.C. by §§ 13204 and 13704, respectively, of Pub. .L. No. 117-169 (Aug. 16, 2022), commonly known as the Inflation Reduction Act of 2022. Notice 2022-58.
- Business Entities. More on credits! The IRS and the Treasury announce that they plan to issue guidance under R.C. § 45Wand I.R.C. § 30C, as amended by §§ 13403 and 13404, respectively, of Pub. .L. No. 117-169 (August 16, 2022), commonly known as the Inflation Reduction Act of 2022 (IRA). Notice 2022-56.
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