The recent enactment of the Bipartisan Budget Act of 2018 extended and significantly expanded the existing tax credit for carbon sequestration under Section 45Q of the Internal Revenue Code. Although the Section 45Q credit for carbon sequestration has been available since 2008, the limitations and uncertainty associated with the credit greatly limited its effectiveness in
IRS Provides Solar ITC Guidance on the Begin-Construction Requirement
Check out the latest legal alert from McGuireWoods’ tax group on the IRS guidance for the Section 48 investment tax credit.
Energy Companies Take Hit After FERC MLP Decision
In a March 15 decision, the Federal Energy Regulatory Commission (FERC) disallowed certain tax benefits for master limited partnerships (MLPs), the predominant corporate structure for several energy companies.
Specifically, FERC voted to reverse a policy that allowed interstate natural gas and oil pipelines set up as pass-through companies to collect corporate income-tax expenses from…
Federal Gas Tax Back in the Spotlight
A copy of the Trump Administration’s six-page draft infrastructure plan has leaked. The document – the authenticity of which has not been confirmed by the White House – opens with a list of funding principles that, among other things, include:
- encouraging investment by state, local, and private entities;
- calling for the creation of federal infrastructure