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New IRS Revenue Ruling Provides Opportunities for Financing Carbon Capture Equipment

The Energy Law

Recall that section 45Q provides for a credit against a taxpayer’s income tax liability based on the amount of carbon oxide (a) captured using carbon capture equipment, (b) placed in service at a qualified facility and (c) disposed of, injected, or utilized in a specified manner.

Finance 59
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Trans Energy Settlement Shows Need for E&P Wetlands Compliance Strategy

The Energy Law

The Trans Energy settlement shows that exploration and production (E&P) companies need a rigorous compliance strategy for wetlands permit requirements. On the other hand, the legal commentary has virtually ignored the importance of Nationwide Permits (NWPs) 12 and 39 to E&P activities. NWP-12 is for “utility line activities.”

E&P 40
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Opportunity to Minimize the New Tax on 501(c)(3) Exempt Organization Employee Parking

The Energy Law

Due to the Tax Cuts and Jobs Act (“TCJA”) passed by Congress in December 2017, starting in 2018 many 501(c)(3) Exempt Organizations (“EOs”) are required to treat the cost of employer-paid qualified transportation and parking benefits as unrelated business taxable income (“UBTI”) to the EO.

E&A 40
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Who Owns the Void? Oral Arguments at SCOTX Regarding Underground Storage Rights

Producer's Edge

211 (2023)), this case highlights evolving questions about subsurface storage rights that are particularly timely given the current interest in carbon capture, utilization, and sequestration (CCUS) operations. Anadarko E&P Onshore, LLC , 520 S.W.3d The case was Myers-Woodward v. Underground Services Markham. West , 508 S.W.2d

Royalty 52
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Louisiana Second Circuit Addresses: (1) Creation of Mineral Servitudes Via Notarial Acts of Correction; (2) Obstacles Suspending the Prescription of Nonuse from Running Against Mineral Servitudes; and (3) Payment of Court Costs in Concursus Actions

The Energy Law

Flat River Farms, L.L.C. , the Louisiana Second Circuit addressed issues affecting the creation and preservation of mineral servitudes and payment of court costs in a concursus action. [1] 1] In the case, an operator initiated a concursus action seeking to resolve ownership interest in minerals underlying property on which it was operating.

Spud-in 40
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With A New Regulatory Framework On The Horizon, There Is Still Much Uncertainty Concerning The Future Of Offshore Carbon Storage

The Energy Law

The Infrastructure Investment and Jobs Act (IIJA), signed into law on November 15, 2021, amended Section 40307 of the Outer Continental Shelfs Act (OCSLA) to provide authority to the U.S. However, the DOI’s proposed implementing regulations authorized by the IIJA have yet to be issued for public comment.

Offshore 105
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CARES Act Makes Significant Changes to Four Key Business Tax Provisions Enacted in the Tax Cuts and Jobs Act of 2017

The Energy Law

Those provisions include the following four significant changes to the business tax provisions contained in the 2017 Tax Cuts and Jobs Act. Taxpayers intending to take advantage of the expanded use of NOLs per the CARES Act should consider the impact on other changes in the tax law brought about by TCJA 2017.

E&A 40