On Aug. 16, 2022, President Joe Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. This alert provides a summary of the IRA’s impact on tax credits for energy storage technologies, which were extended and significantly expanded. Additional alerts will provide summaries of the IRA focused on credits for other clean energy technologies.

Continue Reading Inflation Reduction Act Creates New Tax Credit Opportunities for Energy Storage Projects

On Dec. 2, 2022, the U.S. Department of Commerce (DOC) released its preliminary determinations over the ongoing investigation into whether solar cells and modules imported from certain Southeast Asian countries were circumventing U.S. duties on solar modules manufactured in the People’s Republic of China.

These findings arrive in the wake of a two-year moratorium on tariffs on solar cells and modules imported from Cambodia, Malaysia, Thailand and Vietnam, as a result of Presidential Proclamation 10414.

The investigation, which began in March 2022, was prompted by allegations made by U.S.-based solar manufacturers against their Chinese competitors, claiming that the accused companies were evading tariffs by selling their products through the four Southeast nations.   

The DOC released its preliminary determinations after a thorough investigation into eight companies based in the four Southeast Asian countries. The DOC preliminarily concluded that four of the eight companies were bypassing U.S. tariffs by exporting Chinese-made solar modules that were only sent to Southeast Asia for minor processing before shipment. The table below summarizes the DOC’s preliminary findings.

Continue Reading Commerce Department Releases Preliminary Findings on Chinese Solar Manufacturers’ Alleged Circumvention

The Inflation Reduction Act of 2022 (IRA) created many new and revised tax incentives to develop clean energy projects. Among many of these incentives, Congress included a requirement that taxpayers meet prevailing wage and apprenticeship (PWA) standards in the construction of a project to foster growth in good-paying jobs in the energy section. Taxpayers that do not meet these standards will be entitled to a tax benefit, but generally this results in an 80% haircut to the tax credit or deduction.

Continue Reading IRS Issues Prevailing Wage and Apprenticeship Guidance — Starts 60-Day Clock