The IRS tackles carbon capture tax credit regulations, extends by one year renewable credits

摘要

Recently proposed US Department of the Treasury and Internal Revenue Service regulations to help businesses understand how legislation passed in 2018 could benefit companies claiming carbon capture tax credits came under fire from lawyers as not only “complicated” but also as posing significant risks. The June 3 webcast, hosted by Norton Rose Fulbright, aimed to show how carbon sequestration transactions could be structured “in light of proposed regulations the IRS issued on May 27 about claiming section 45Q tax credits,” and the law firm said the IRS has “disallowed over half the tax credits claimed so far.”