Since 2004, New York has provided tax credits to encourage film and television productions located in the state. The credit is 30% of “qualified costs” incurred in the production. Legislation

Continue Reading Proposed Amendments to NY Film Production Tax Credit Would Disallow Costs for Artificial Intelligence

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credit (NMTC) awards on Sept. 22, with the goal of

Continue Reading U.S. Treasury Announces $5 Billion Allocation of New Markets Tax Credit Awards

The Internal Revenue Service issued proposed regulations on May 31, 2023, for the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code. The proposed regulations provide

Continue Reading IRS Issues Proposed Regulations for Energy Projects Located in Low-Income Communities

On April 4, the Internal Revenue Service issued Notice 2023-29 (the Notice), which describes certain rules the IRS intends to include in proposed regulations for qualifying for the energy community

Continue Reading IRS Issues Guidance for Developers, Investors Seeking to Qualify for Energy Community Bonus Credits Under Inflation Reduction Act

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

Continue Reading IRS Releases Guidance on the Low-Income Communities Bonus Credit Program for Solar and Wind Facilities

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

Continue Reading Treasury Announces Initial Guidance on the Inflation Reduction Act’s Labor Requirements for Renewable Energy Tax Credits and Incentives

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

Continue Reading U.S. Treasury Announces $5 Billion Allocation of New Markets Tax Credit Awards

This GT Alert provides a high-level summary of key tax provisions of the Inflation Reduction Act, which President Biden signed into law on Aug. 16, 2022.

Continue reading the
Continue Reading The Inflation Reduction Act – Key Tax Considerations