The Inflation Reduction Act of 2022 introduced expansive changes to federal income tax benefits for renewable energy. In addition to new clean energy tax credits, it extended the availability of the investment tax credit and the production tax credit, both designed to encourage investment in renewable energy projects. Many of these significant tax code changes are in effect for facilities or equipment placed in service during 2023.
The new tax-and-climate law includes bonus mechanisms for increased credit amounts. For both the ITC and the PTC, it established a two-tiered system based on compliance with new wage and apprenticeship requirements. If the project meets the requirements, the base credit amount can be increased by a factor of five. Taxpayers are also entitled to increased credit amounts for projects located in specified areas or communities or that meet domestic content thresholds for US-sourced steel, iron, and manufactured products.
The new law also allows more taxpayers to readily monetize applicable tax credits. Under the direct pay option, tax-exempt entities, state and local governments, and Native American tribal governments may elect to treat credits as refundable payments of tax and receive cash refunds. Taxpayers ineligible for direct pay can...
Patricia White, 70, of Old Greenwich, received a nine-month prison sentence for submitting false claims for unclaimed properties to around 30 state treasuries. HARRISBURG, Pa. — Months after her br...