On June 14, 2023, the IRS released proposed and temporary regulations and additional guidance describing rules for eligible taxpayers to benefit from clean energy projects through selling any of the 11 eligible U.S. federal income tax credits to an unrelated taxpayer in exchange for cash. The proposed and temporary regulations were published to the Federal Register on June 21, 2023.

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Tags: energy, energy project finance and development, GT Insight, internal revenue service, IRS, Tax, taxpayers
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Photo of Margaret J. Weil Margaret J. Weil

Margaret J. Weil focuses her practice on tax planning and advice for private equity transactions, mergers and acquisitions, financings, and other commercial transactions. She advises domestic and international corporations, partnerships, and high-net-worth individuals on a broad range of tax matters, including domestic and…

Margaret J. Weil focuses her practice on tax planning and advice for private equity transactions, mergers and acquisitions, financings, and other commercial transactions. She advises domestic and international corporations, partnerships, and high-net-worth individuals on a broad range of tax matters, including domestic and cross-border M&A, securities offerings, restructurings, tax compliance, and the federal, state, and international tax developments that affect their transactions and ongoing business operations.

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Photo of Braxton Roam Braxton Roam

Braxton T. Roam focuses his practice on energy project finance and taxation. Braxton advises tax equity investors, lenders, developers, and sponsors in the renewable energy space—particularly those relating to wind, solar, biomass, and other emerging technologies—with structuring and closing transactions that rely on…

Braxton T. Roam focuses his practice on energy project finance and taxation. Braxton advises tax equity investors, lenders, developers, and sponsors in the renewable energy space—particularly those relating to wind, solar, biomass, and other emerging technologies—with structuring and closing transactions that rely on federal and state tax incentives. His experience includes matters involving Internal Revenue Code section 48 Investment Tax Credits (ITC), section 45 Production Tax Credits (PTC), section 45Q Carbon Oxide Sequestration Credits, section 1400Z Qualified Opportunity Zones, and the section 1603 Treasury Grant Program under the American Recovery and Reinvestment Act of 2009, among other federal and state tax incentives.

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Benjamin Almy ‡

Ben Almy utilizes deep in-house tax experience to advise his clients. In his managerial role at AES Clean Energy, he led tax analysis on utility-scale and distributed generation renewable project acquisitions – particularly relating to solar, wind, stand-alone storage, and green hydrogen projects.

Ben Almy utilizes deep in-house tax experience to advise his clients. In his managerial role at AES Clean Energy, he led tax analysis on utility-scale and distributed generation renewable project acquisitions – particularly relating to solar, wind, stand-alone storage, and green hydrogen projects. His experience includes drafting and reviewing commercial contracts for project acquisitions, equipment procurement, construction, and partnership formation, with a focus on tax provisions. He advises on federal and state tax incentives, state and local tax compliance, and tax-efficient structuring.

‡ Admitted to practice in Montana. Not admitted in the District of Columbia. Practice in D.C. supervised by shareholders admitted to practice in D.C. Practice limited to Federal Courts and Agencies.

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