December 14, 2017

December 14, 2017

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December 13, 2017

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December 12, 2017

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House Passes Tax Cuts and Jobs Act

Yesterday, the House passed the Tax Cuts and Jobs Act (TCJA) along party lines. As we discussed in our prior blog post here, the TCJA extends the ITC with respect to certain “orphaned” technologies (e.g., fiber optic solar, fuel cell, small wind, micro turbine, CHP, and thermal energy) but it slashes the PTC down to 1.5¢/kWh with no annual inflation adjustment. The ball is now in the Senate’s court where the Senate Finance Committee voted its version of the bill, which does not impact the PTC, onto the floor late last night. (Our blog post on that bill is available here). Senate Republicans have a much slimmer majority to work with; just three defections will torpedo the bill. Assuming the Senate approves the bill, a conference committee will meet after Thanksgiving to hammer out the differences between the two versions of the legislation and that’s when the fate of the PTC will ultimately be decided.

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About this Author

John A. Eliason, Foley Lardner, Tax Lawyer, Energy Industry Attorney
Partner

John A. Eliason is a partner and business lawyer at Foley & Lardner LLP. He provides tax, legal, and business advice to financial institutions, equity investors, manufacturers, and project developers in the energy sector and is co-chair of the firm’s Energy Industry Team.

Mr. Eliason regularly represents clients participating in wind, solar, and other renewable energy transactions that rely on tax and other federal and state incentives such as investment tax credits, production tax credits, bonus depreciation, and other government incentive...

202.295.4100
David B. Weisblat, Foley Lardner, Transactional Tax Lawyer, Project Finance Attorney,
Of Counsel

David Weisblat is of counsel and a transactional tax lawyer with Foley & Lardner LLP focusing on federal and state tax issues arising in representing financial institutions, developers, utilities and other participants in energy, project finance and leveraged lease transactions. Mr. Weisblat regularly advises clients on renewable energy projects, including solar, wind and biomass projects. He is familiar with current tax equity structures with an emphasis on sale-leaseback and partnership-flip transactions and advises on utility, commercial and residential projects.

Mr. Weisblat also structures domestic and cross-border energy and project finance transactions of power plants, aircraft, rail equipment and infrastructure assets. He also advises on tax issues associated with climate change policies, including carbon trading. Additionally, Mr. Weisblat represents clients in tax audit and controversy proceedings and advises corporations on tax issues in bankruptcy and restructuring. 

202.295.4176
Kurt R. Rempe, Foley Lardner, Energy, Tax Lawyer, Pipeline Industry
Associate

Kurt Rempe is an associate and business lawyer with Foley & Larder LLP where he focuses on energy and tax law. His experience includes representing clients in tax equity investments in renewable energy projects; and regulatory matters related to the electric, natural gas and oil pipeline industry. Mr. Rempe has electric experience in transmission service and interconnection agreements, power purchase agreements, open access requirements, market-based rates, qualifying facility certification, reliability rules, sales and acquisitions of electric generation assets,...

202.672.5326