The Internal Revenue Service issued Notice 2023-17 providing guidance on the Low-Income Communities Bonus Credit Program established under Internal Revenue Code Section 48(e) including environmental justice solar and wind capacity limitations for qualified solar and wind facilities eligible for the
The Internal Revenue Service issued Notice 2023-18 establishing a program to allocate $10 billion of credits for qualified investments in eligible qualifying advanced energy projects under Internal Revenue Code Section 48C(e). The goal of the program is to expand U.S.
Please join Greenberg Traurig and Clayton Utz March 7 at 4:30 p.m. EST for a special webcast conversation with Rebecca Saint, Deputy Commissioner, Public Groups & International, Australian Tax Office, and Jennifer Best, Deputy Commissioner, Large Business & International, Internal Revenue
Since 2017, the Washington Tax Structure Work Group (TSWG) has been tasked with reviewing Washington’s tax structure. The primary goal of TSWG’s review was to identify ways to make “Washington’s tax code more fair, adequate and transparent.” Since May 2022, the
The Foreign Investment in Real Property Tax Act of 1980, as amended (FIRPTA), imposes tax on gain realized on disposition by nonresident alien individuals or foreign corporations (non-U.S. persons) of a U.S. real property interest (USRPI) by treating such gain
IRS Notice 2023-11 provides temporary relief for foreign financial institutions to provide U.S. taxpayer identification numbers for preexisting accounts.
The proposed regulations demonstrate that the IRS is taking a proactive approach in addressing the APA challenges to its method for identifying listed transactions. The IRS makes clear that it will continue to aggressively pursue syndicated conservation easement transactions.
The U.S. Department of the Treasury announced initial wage and apprenticeship guidance under the Inflation Reduction Act of 2022 (IRA) that applies to taxpayers in order to increase available credit amounts for federal tax incentives, including the Investment Tax Credit
In Green Valley Investors, LLC, Et Al., Bobby A. Branch, Tax Matters Partner, v. Commissioner, the Tax Court on Nov. 9 abated Internal Revenue Code (I.R.C.) § 6662A penalties asserted against four LLCs because Notice 2017-10, which made syndicated conservation
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) on Oct. 28 announced $5 billion in New Markets Tax Credit (NMTC) awards with the goal of economically revitalizing low-income communities across the country. Particular outcomes the
