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On January 6, 2021, the Internal Revenue Service and the Department of the Treasury released final regulations on the IRC section 45Q carbon capture and sequestration (CCS) credit in order to implement changes made to that tax credit by the Bipartisan Budget Act of 2018. The release of these final regulations follows the release of a notice of proposed rulemaking (NPRM) on May 28, 2020. The final regulations (available here) have been highly anticipated by stakeholders.
The IRS released two other items of guidance under section 45Q on February 19, 2020: Notice 2020-12 (addressing the beginning of construction requirement for CCS projects) and Revenue Procedure 2020-12 (addressing allocation of section 45Q credits in partnership flip structures). Our guide to the section 45Q Carbon Capture and Sequestration Credit Guidance, which covers the prior guidance and provides detailed analysis, will be updated to reflect these new
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In addition to allocating $284.45 billion in new funding, this package of laws include significant clarifications and modifications to the PPP that are important to borrowers and lenders.
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021, which included the Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act (the Act), the COVID-Related Tax Relief Act of 2020, and the Taxpayer Certainty and Disability Relief Act of 2020. These laws include significant clarifications and modifications to the Paycheck Protection Program (PPP), which terminated on August 8, 2020. The COVID-Related Tax Relief Act of 2020 solidifies the tax-free treatment of forgiven PPP loans. In addition to allocating $284.45 billion to the PPP for 2021, the Act:
Reauthorization and Revival of the Paycheck Protection Program natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
KOAM
December 29, 2020 3:00 PM Stacie Strader
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PITTSBURG, Kan. – The U.S. Department of Commerce invests $1.6 million to support polymer research at Pittsburg State University. The grant will be matched with $400,000 in local funds, is expected to create 50 jobs, retain 25 jobs and generate $2 million in private investment.
The Kansas Polymer Research Center (KPRC), located within the Tyler Research Center at PSU, is an internationally-recognized center for chemistry and materials science with a specialization in vegetable oil-based polymer research and development.
Today, U.S. Secretary of Commerce Wilbur Ross announced the grant to provide instrumentation and equipment to the newly established National Institute for Materials Advancement at the Kansas Polymer Research Center.
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The Consolidated Appropriations Act, including the Taxpayer Certainty and Disaster Relief Act 2020 (collectively, the “Act”) was signed into law on December 27, 2020. The Act expands prior COVID-19 relief and includes new assistance for employers and employees coping with the ongoing crisis.
Paid Sick and Family Leave Mandate and Credits Extension. The Families First Coronavirus Response Act (“FFCRA”) requires employers to provide paid Family and Medical Leave Act leave and sick leave to certain employees who are unable to work due to the COVID-19 pandemic. Employers who provide FFCRA paid leave are eligible for refundable credits against employment taxes. The FFCRA mandate and credits were to expire at the end of 2020. The Act extends the paid leave credits through March 31, 2021, but not the mandate.