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Inflation Reduction Act
Trade Wars: "Easy To Win"?
Josh, Liam, and Paul react to the tumultuous past 24 hours of on-again-off-again steel and aluminum tariff announcements from the Administration. We break down the context and history of the proposed tariffs and the President's tweeted claims that trade wars...
The New Partnership Audit Rules, Part 1: The Basics
This is the first of several installments of Bracewell Tax Report articles describing the new rules applicable to partnership audits under the Internal Revenue Code, and related proposed and final Treasury regulations. Future installments will focus on various aspects of...
Prepaid Power Contracts
Some renewable projects, especially solar projects, use prepaid power contracts. Under a prepaid power contract, the offtaker enters into a long term contract with the supplier to buy electricity. Upon the closing, the offtaker prepays the supplier for a portion...
FERC Orders Primary Frequency Response Without Compensation
On February 15, 2018, the Federal Energy Regulatory Commission (“FERC”) revised its regulations to require all newly interconnecting generation facilities to install, maintain, and operate equipment capable of providing primary frequency response as a condition of interconnection. [1] FERC found...
Tax Reform and the Foreign Partner
While much has been made about international tax reform contained in the Tax Cuts and Jobs Act ("TCJA") that modifies the taxation of U.S. taxpayers with multinational holdings and operations, the new law did not leave inbound investment untouched. Notably...
FERC Eases Barriers for Electric Storage Resources to Participate in Wholesale Markets
On February 15, 2018, the Federal Energy Regulatory Commission (“FERC”) adopted a final rule (“Order No. 841”) [1] that facilitates the direct participation of electric storage resources in centralized markets operated by Regional Transmission Organizations (“RTOs”) and Independent System Operators...
Trade, Trends, Tariffs, and T'Challa
Paul Nathanson swings by The Lobby Shop to talk with Josh about trade policy news. First up is a discussion of proposed steel tariffs and their potential to hurt American industry, then an update on NAFTA and Canada's interest in...
Mixed Messages on PABs: Fit for the Chopping Block or Cornerstone of Infrastructure Finance?
Only a few months ago, the public finance industry was shaken when the U.S. House of Representatives proposed to eliminate tax-exempt private activity bonds (“PABs”), despite previous assurances that tax reform would not touch tax-exempt bonds. Although the final Tax...
What's in Our Wallet? Balancing a National Budget
From the passage of the 2018 budget deal to the President's FY19 budget proposal announcement, there has been a lot of talk in Washington about federal money and where it should go. Josh and Liam sit down with two lobbyists...
MSRB Comment Request on Draft FAQs Regarding Rule G-42 and Making Recommendations
On February 15, 2018, the Municipal Securities Rulemaking Board (“MSRB”) published Notice 2018-03 , requesting comment on draft frequently asked questions and proposed responses (“FAQs”). The draft FAQs address duties of non-solicitor municipal advisors related to providing “advice” and “recommendations”...
Department of the Treasury Releases Updated Priority Guidance Plan
On February 7, 2018, the Department of the Treasury released an update to its 2017-2018 Priority Guidance Plan. The Priority Guidance Plan describes the various guidance priorities of Treasury and the IRS for the period from July 1, 2017 through...
Bipartisan Budget Breakthrough Gives Orphans New Life
Congress last week reached a sweeping two-year budget deal, breaking a months-long legislative logjam and providing a vehicle for a laundry list of non-controversial items that had been captive to the broader standoff over immigration. In addition to establishing higher...
The New Three-Year Holding Period for Carried Interests
The Tax Cuts and Jobs Act (TCJA) modifies the holding period necessary for gains attributable to applicable partnership interests, commonly known as carried interests, to qualify as long-term capital gains, subject to federal income tax at a rate of 20%...
SEC's Office of Compliance Inspections and Examinations 2018 Examination Priorities
On February 7, 2018, the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) published its 2018 examination priorities . OCIE’s examination priorities are described in five categories: (1) matters of importance to retail...
USFWS Lists Texas Hornshell Mussel as Endangered Species
On February 9, 2018, the United States Fish and Wildlife Service (USFWS or Service) issued a Final Rule listing the Texas hornshell ( Popenaias popeii ) as endangered under the Endangered Species Act (Act). The Final Rule becomes effective on...