Inflation Reduction Act targets carried interests
Posted on Jul 30, 2022 in Publications | Comments Off on Inflation Reduction Act targets carried interests
On July 27, US Senators Joe Manchin and Chuck Schumer announced proposed legislation referred to as the Inflation Reduction Act of 2022 (the Act). The proposed legislation includes changes that would expand the scope of IRC section 1061, which generally imposes limits on tax benefits available to carried interests and other compensatory partnership interest arrangements. By way of...
A welcome clean energy surprise: Inflation Reduction Act includes energy tax extensions and expansions
Posted on Jul 29, 2022 in Publications | Comments Off on A welcome clean energy surprise: Inflation Reduction Act includes energy tax extensions and expansions
In a surprising turn of events, late on July 27, 2022, Senators Manchin (D-WV) and Schumer (D-NY) released the Inflation Reduction Act of 2022. The Act, which runs 725 pages, includes numerous energy tax provisions aimed at enhancing US energy security. Tax pay-fors in the bill include a corporate minimum tax and an increase in the tax rate on carried interest. A summary of the bill...
Great River Energy to Build Transmission Line to Bolster Reliability
Posted on Jul 26, 2022 in Grid & Infrastructure | Comments Off on Great River Energy to Build Transmission Line to Bolster Reliability
Great River Energy, in partnership with Minnesota Power – a division of ALLETE Inc., announced its intent to build an approximately 150-mile, double-circuit 345-kV transmission line from northern Minnesota to central Minnesota that will support grid reliability in the Upper Midwest.
Hendricks Power Cooperative to Build Solar Array in Indiana
Posted on Jul 22, 2022 in Renewable Energy, Uncategorized | Comments Off on Hendricks Power Cooperative to Build Solar Array in Indiana
Hendricks Power Cooperative and Solential Energy are building a 7 MW solar array in Hendricks County, Indiana. The project will be operational in 2023, and will be the largest solar array developed by an electric cooperative in Indiana.
President Biden to announce executive climate actions; Does not declare national emergency
Posted on Jul 20, 2022 in Publications | Comments Off on President Biden to announce executive climate actions; Does not declare national emergency
On July 20, 2022, President Biden delivered an address on climate change. Despite heavy pressure by many in Congress and environmental groups to announce new executive actions to address climate change, and even to potentially go as far as declaring a national emergency, the President instead stated only that specific actions would be announced in the coming days and weeks. The...
Kentucky Cooperative Receives Grants to Bring Internet to Unserved Households
Posted on Jul 20, 2022 in Community Development, Financing | Comments Off on Kentucky Cooperative Receives Grants to Bring Internet to Unserved Households
Pennyrile Rural Electric Cooperative has received $13,827,320 in grants from Kentucky’s Better Internet program to assist in expanding access to high-speed internet to 5,598 unserved households and businesses.
Green Tax, Volume 2
Posted on Jul 19, 2022 in Publications | Comments Off on Green Tax, Volume 2
Welcome to Green Tax, Vol. 2. Each quarter we will provide a recap of some of the important energy tax issues of the last quarter, including court rulings, IRS rulings and guidance, legislative activity, and more. Opinions and Rulings Collateral Estoppel Closes Door on Fuel Credit CaseOn June 8, the Fifth Circuit issued its opinion in ETC Sunoco Holdings LLC v. United States, No....
Alaska Cooperative Shuts Down Largest Coal Plant
Posted on Jul 15, 2022 in Renewable Energy | Comments Off on Alaska Cooperative Shuts Down Largest Coal Plant
Golden Valley Electric Association has shut down Healy Unit 2, Alaska’s largest coal plant, opting to invest in wind energy and install $26.1 million in pollution-control equipment on Healy Unit 1 by the end of 2024. Healy 2 was both the largest coal plant in Alaska and the largest closure of a coal plant in Alaska.
Kaua’i Island Utility Cooperative Encourages Direct Payments to Promote Renewables
Posted on Jul 15, 2022 in Legislative & Politics, Renewable Energy | Comments Off on Kaua’i Island Utility Cooperative Encourages Direct Payments to Promote Renewables
Kaua’i Island Utility Cooperative’s CEO, David Bissell, spoke to the Senate Energy and Natural Resources Subcommittee on Energy and encouraged Congress to support federal incentives for renewable power adoption, including direct payments for not-for-profit electric cooperatives.
NRECA Broadband Provides New Support Services to Cooperatives
Posted on Jul 13, 2022 in Broadband | Comments Off on NRECA Broadband Provides New Support Services to Cooperatives
NRECA Broadband is launching a new service tier to provide strategic communication services, education and events, and focused business and technology support to participating electric cooperatives.
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