The Treasury Department and the IRS provided tax relief for taxpayers that develop renewable energy projects that produce electricity from sources such as wind, biomass, geothermal, landfill gas, trash, and hydropower; and use technologies such as solar panels, fuel cells, microturbines, and combined heat and power systems. Because COVID-19 has caused industry-wide delays in the supply chain for components needed to complete renewable energy projects otherwise eligible for important tax credits, the IRS has issued Notice 2020-41 to provide tax relief to affected taxpayers.
The Department of the Treasury and the IRS issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. The final regulations reflect statutory amendments and certain grants of reporting relief announced by the Treasury Department and the IRS in prior guidance to help many tax-exempt organizations generally find the reporting requirements in one place. The final regulations allow tax-exempt organizations to choose to apply the regulations to returns filed after Sept. 6, 2019.
The Treasury Department and the IRS issued proposed regulations to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. The proposed regulations provide guidance on two new credits for carbon oxide captured using equipment originally placed in service on or after February 9, 2018, allowing up to $50 per metric ton of qualified carbon oxide for permanent sequestration, and up to $35 for Enhanced Oil Recovery purposes.
The Department of the Treasury and the IRS issued guidance this week on how the reduction of the personal exemption deduction to zero under the Tax Cuts and Jobs Act (TCJA) of 2017 applies to certain rules relating to the Premium Tax Credit (PTC). These proposed regulations affect those who claim the PTC. Under provisions of the TCJA, the personal exemption deduction is zero for taxable years beginning after Dec. 31, 2017, and ending before Jan.1, 2026. Although the amount of the deduction for personal exemptions is reduced to zero for those years, taxpayers continue to include on their tax returns the names and taxpayer identification numbers of individuals for whom they are allowed a personal exemption deduction.
Revenue Procedure 2020-33 provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), in computing the housing cost/income ratio described in section 143(f)(5).
This information is from IRS.gov.