Panama introduced procedure to allow transfer of tax credits
Panama’s tax administration (Dirección General de Ingresos, DGI) introduced a procedure that allows taxpayers to transfer tax credits from income tax, property tax, education insurance tax, complementary tax, and dividend tax to another
See More
UN publishes draft guidance on carbon offsets, carbon credits in transfer pricing
The UN Subcommittee on Transfer Pricing published an advanced unedited version of the guidance Interstitial Guidance on Transfer Pricing of Carbon Offsets and Carbon Credits on 28 August 2024. The draft is an updated version of a document
See More
US proposes new regulations for electric vehicle charging stations
The Department of Treasury and Internal Revenue Service released IR-2024-240 on 18 September 2024, announcing proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended
See More
US: Treasury announces USD 5 billion in New Markets Tax Credits
The US Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced a USD 5 billion in New Markets Tax Credits (NMTCs) on 19 September 2024. The latest development brings the total awards granted through the NMTC
See More
Finland consults tax credits for major industrial investments in net-zero transition
Finland's Ministry of Finance has initiated a public consultation regarding a tax credit aimed at large industrial investments that facilitate the transition to a net-zero (climate-neutral) economy. The government decided on the preparation of the
See More
Italy enacts decree on tax credits for energy saving investments
Italy’s Ministry of Business and Made in Italy published the Decree of 24 July 2024 in the Official Gazette, on 6 August 2024, introducing a new tax credit aimed at promoting investments in innovative energy-saving technologies for qualifying
See More
US: New Jersey introduces tax credits for AI businesses
New Jersey’s Governor Phil Murphy has signed Bill S3432/A4558, which introduces the Next New Jersey Program on 25 July 2024. The Next New Jersey Program is aimed at attracting fresh investments into the state's artificial intelligence (AI)
See More
Ireland updates R&D tax credit guidance
The Irish Revenue issued eBrief No. 190/24, on 12 July 2024, announcing updates to Tax and Duty Manual Part 29-02-03 – Research and Development (R&D) Corporation Tax Credit to incorporate the amendments to the R&D credit introduced by
See More
Italy enacts law for tax credits for investments in simplified logistics zones
Italy published Law No. 95 of 4 July 2024 in the Official Gazette on 4 July 2024, converting the Decree-Law No. 60 of 7 May 2024 into law, which addresses urgent provisions for the European Union's cohesion policy. One key provision of this law
See More
US: Washington exempts carbon credits and allowances taxes
Washington has announced that it will exempt certain carbon credits and allowances under the cap and invest programme for greenhouse gas emissions from the state's business and occupation (B&O) tax and public utility tax (PUT). This update was
See More
US: IRS releases FAQs on clean fuel production credit registration
The US Internal Revenue Service (IRS), on 10 July 2024, issued frequently asked questions (FAQs) in Fact Sheet 2024-25 related to which entities must apply for registration for the Clean Fuel Production Credit. The Inflation Reduction Act of 2022
See More
Portugal approves tax measures to boost economy, includes reduced CIT rate and VAT groups
The Portuguese government approved a comprehensive set of tax proposals during the Council of Ministers meeting, on 4 July 2024, to promote the scale of Portuguese companies, consolidation and capitalisation; develop new financing and streamline
See More
US: IRS cautions taxpayers about clean energy tax credit scams
The Internal Revenue Service (IRS) issued a release, IR-2024-182, on 3 July 2024, cautioning taxpayers about a scam in which unscrupulous tax return preparers misrepresent the rules for claiming clean energy credits under the Inflation Reduction Act
See More
US proposes clean electricity credits under sections 45Y and 48E
The US Internal Revenue Service (IRS) and the Department of Treasury announced proposed regulations (REG-119283-23), on Wednesday, 29 May, 2024, concerning the clean electricity production credit under section 45Y and the clean electricity
See More
US proposes tax credits beyond solar and wind energy
The Biden administration announced proposals to expand tax credits beyond solar and wind energy to include other renewable and clean energy sources, such as nuclear fission and fusion on Wednesday, 29 May 2024. This comes after the US Treasury
See More
US: IRS updates guidance on domestic content bonus credit for clean energy projects
The US Internal Revenue Service (IRS) and the Department of Treasury released a corrected version of Notice 2024-41, on Friday, 24 May, 2024, which provides additional guidance regarding the domestic content bonus credit for clean energy facilities
See More
Italy introduces tax credit for recycled plastic purchases
Italy's Ministry of Environment and Energy Security published Decree of April 2, 2024 in the official gazette on 21 May, 2024, outlining the implementation of a 36% tax credit for expenses related to purchasing recycled plastic products and
See More
US issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
See More