It’s a common scenario. A client or non-tax attorney says:
“We’ve put together a new LLC/partnership agreement. It should be fine because we’ve used this same agreement on all of our deals. We just changed the distributions a little.”
That sounds simple enough. But in practice, this approach almost always creates tax issues—sometimes obvious, sometimes
Earlier this month, the IRS released much-awaited guidance on what areas will qualify as an “energy community” for purposes of the energy production and investment tax credits in Notice 2023-29.
Under Code sections 45, 45Y, 48, and 45E, qualifying energy projects located within an energy community are eligible for a significant bonus tax credit—10% or 2 percentage points, as applicable to the specific credit.Continue Reading Tax Credit Energy Communities