Renewable Energy & Energy Development
Inflation Reduction Act: Recent Guidance and the Path Forward in 2024
On February 20 and February 21, 2024, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) held a public hearing on proposed regulations concerning the definition of energy property and rules applicable to obtaining tax credits pursuant to the Inflation Reduction Act of 2022 (IRA). The IRA allows taxpayers to deduct a…
Vineyard Wind 1 Comes Online; Still Faces Lawsuits
On January 2, 2024, the Vineyard Wind 1 project started producing power for the United States grid, becoming the second commercial-scale offshore wind project to do so after South Fork Wind came online in December 2023. This significant milestone comes as the U.S. Court of Appeals for the First Circuit considers appeals in several lawsuits…
Energy Community Guidance for Brownfields under the Inflation Reduction Act
The Internal Revenue Service (IRS) and the Treasury Department released guidance last month on the bonus credit available for certain production and investment tax credits issued to qualified projects located in “energy communities” pursuant to the Inflation Reduction Act of 2022 (IRA). The IRA allows taxpayers to deduct a percentage of the cost of eligible…
New York State’s FY 2024 Budget Includes Decarbonization and Renewable Energy Investments But Lacks Gov. Hochul’s Housing Plan
On May 3, 2023, New York Governor Kathy Hochul announced the highlights of the approved Fiscal Year 2024 state budget, including numerous investments in decarbonization programs and renewable energy development. Notably absent from the budget are the elements of Governor Hochul’s housing plan, which included a commitment to build 800,000 new units in a decade…
U.S. Fish and Wildlife Service Proposes Incidental Eagle Take General Permits for Wind-Energy Projects
The United States Fish and Wildlife Service (USFWS) recently proposed to develop a general permit under the Bald and Golden Eagle Protection Act (the Eagle Act) for the incidental take of eagles associated with qualifying wind-energy projects and power lines, as well as disturbance take and nest take. This blog post provides a discussion of…
New York continues nation-leading progress in offshore wind in 2022
As 2022 kicks off, New York is already building on its leadership in development of offshore wind capacity, with nation-leading investments, new lease areas, and permit approvals. On January 5, as part of the State of the State, Governor Kathy Hochul announced a plan to invest $500 million in offshore wind manufacturing, ports, and…