Partner Casey August and associates Andreas Andrews and Kathryn Seen co-authored an Expert Analysis for Law360 discussing proposed regulations from the US Internal Revenue Service and US Department of the Treasury that address the investment tax credit (ITC) for renewable energy and energy storage facilities. The guidance also expands upon and clarifies prior guidance on applying the ITC following the enactment of the Inflation Reduction Act (IRA).
The article discusses the scope of ITC-eligible property, provisions related to the IRA, and whether taxpayers may rely on these proposed regulations.