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Texas

Claiming Tax Credits for Clean Energy Under Inflation Reduction Act

TL/DR - The U.S. Department of the Treasury and the Internal Revenue Service released Proposed Regulations on clean electricity production and investment tax credits, known as Tech-Neutral Credits, on May 29, 2024. These credits are key to the Biden Administration’s energy incentives in the Inflation Reduction Act of 2022 and will play an…

2024 Election Outcome May Determine IRS’s Fate

TL/DR - Congress has sharply contrasting views on the Internal Revenue Service's (IRS) handling of an $80 billion investment, with Republicans accusing the agency of wasteful spending and Democrats praising its progress. IRS Commissioner Daniel Werfel testified that the investment, part of the Inflation Reduction Act, is crucial in efforts to…