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Crowell & Moring’s tax lawyers have been advising and assisting companies in the energy sector for more than 25 years. In addition to deep knowledge of tax law, all aspects of IRS and state administrative proceedings, and tax litigation, our lawyers understand the nuances of working in the oil & gas and nuclear industries. Our experience includes advising clients on section 45Q of the Internal Revenue Code (as amended by the U.S. Bipartisan Budget Act of 2018), excise taxes, transfer pricing planning and defense, maximizing foreign tax credits, potential benefits of deferral of taxes on non-U.S. operations, and other issues. Our experience in these industries includes:

  • Assisting clients in the preparation of extensive comments to Treasury and the IRS on the guidance necessary to implement the 2018 statutory changes, including both technical issues under section 45Q and partnership structures for accessing the credit.
  • Assisting in structuring investments in plant and equipment to capture carbon dioxide (CO2) and permanently store the CO2 in underground oil and gas reservoirs, thereby qualifying for the section 45Q credit.
  • Advising on excise taxes such as the alternative fuel mixture credit. 
  • Assisting and advising on foreign tax credit issues relating to special oil & gas taxes imposed by foreign countries such as the U.K. Petroleum Revenue Tax and the Australian Resource Rent Tax. 
  • Assisting and advising on transfer pricing issues involving foreign legal restrictions, blocked currency, intercompany financing, the selection and application of the best method, intercompany agreements, section 6662 documentation, and penalties. 
  • Advising and assisting on placed-in-service and depreciation assets related to pipelines and other energy company assets.  
  • Advising on claims for refund arising out of the retirement of a nuclear power plant and the deductibility and carry back of net operating losses from the plant’s decommissioning.
  • Advising on the ability to carry back losses for expenditures related to environmental cleanup.
  • Advising on applicable Research & Development Credits.
  • Advising on excise taxes potentially applicable to natural gas storage and transportation equipment.  

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Crowell & Moring LLP is an international law firm with more than 500 lawyers representing clients in litigation and arbitration, regulatory, and transactional matters. The firm is internationally recognized for its representation of Fortune 500 companies in high-stakes litigation, as well as its ongoing commitment to pro bono service and diversity. The firm has offices in Washington, DC, New York, Los Angeles, San Francisco, Orange County, London, and Brussels.

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