Perspectives

TIPA 2014 law changes and IRS guidance on alternative energy tax credits

Multistate Tax alert | January 26, 2015

On January 16, 2015, the Internal Revenue Service issued IRS Notice 2015-3 as mandated under the Tax Increase Prevention Act of 2014. Notice 2015-3 outlines the procedures for filing a one-time claim for refund (due on or before August 8, 2015) for the credits allowed with respect to alternative fuel and biodiesel mixtures sold and used during the 2014 calendar year and provides other guidance and clarification.

​IRS Notice 2015-3

On December 19, 2014, President Obama signed into law the Tax Increase Prevention Act of 2014 (“TIPA”),1 which extended the termination dates applicable to various alternative energy credits and made other related law changes. On January 16, 2015, the Internal Revenue Service (“IRS”) issued IRS Notice 2015-3 (“Notice 2015-3”) as mandated under TIPA.2 Notice 2015-3 outlines the procedures for filing a one-time claim for refund (due on or before August 8, 2015) for the credits allowed with respect to alternative fuel and biodiesel mixtures sold and used during the 2014 calendar year and provides other guidance and clarification.

In this Tax Alert we summarize these and other related law changes and procedural guidelines.

1 Tax Increase Prevention Act of 2014; P.L. 113-295; 2014 Enacted H.R. 5771.

2 IRS Notice 2015-3, 2015-6 IRB 1 (Jan. 16, 2015); See also, TIPA Sec. 160(e) (mandating the IRS to issue guidance on the filing of certain energy tax incentives extended through TIPA within 30 days after the enactment of TIPA).

​Multistate Tax alert archive

The Multistate Tax Alert Archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years. These external alerts highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons.

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