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9 December 2024

Eyes On Energy Tax Update: Third Quarter 2024

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Holland & Knight

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Holland & Knight is a global law firm with nearly 2,000 lawyers in offices throughout the world. Our attorneys provide representation in litigation, business, real estate, healthcare and governmental law. Interdisciplinary practice groups and industry-based teams provide clients with access to attorneys throughout the firm, regardless of location.
Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments.
United States Energy and Natural Resources

Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also issues more in-depth publications on certain developments. To subscribe to these publications, please add yourself to our Renewable Energy list. All of this information can also be found on Holland & Knight's Inflation Reduction Act Tax Resource Library.

The third quarter of 2024 saw continued developments as a result of the enactment of the Inflation Reduction Act of 2022 (IRA), as well as announcements from federal agencies. Below, we summarize the updates from the quarter.

IRS Rulings and Guidance

Other Information

The Treasury Department and IRS on Aug. 7, 2024, issued statistics on the IRA clean energy tax credits for tax year 2023. According to the statistics, taxpayers claimed more than $6 billion in credits for residential clean energy investments and more than $2 billion for energy efficient home improvements on 2023 tax returns filed and processed through May 23, 2024.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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