Archive: November 17, 2017

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K&L Gates Blockchain Energizer – Volume 17
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Today’s House vote in Favor of H.R. 1, the Tax Cuts and Jobs Act

K&L Gates Blockchain Energizer – Volume 17

By Molly Suda, Buck B. Endemann, and Ben Tejblum

There is a lot of buzz around blockchain technology and its potential to revolutionize a wide range of industries from finance and health care to real estate and supply chain management. Reports estimate that over $1.4 billion was invested in blockchain startups in 2016 alone, and many institutions and companies are forming partnerships to explore how blockchain ledgers and smart contracts can be deployed to manage and share data, create transactional efficiencies, and reduce costs.

While virtual currencies and blockchain technology in the financial services industry have been the subject of significant debate and discussion, blockchain applications that could transform the energy industry have received comparatively less attention. Every other week, K&L Gates Blockchain Energizer will highlight emerging issues or stories relating to the use of blockchain technology in the energy space. To subscribe to the Blockchain Energizer newsletter, please click here.

IN THIS ISSUE

  • Energy Web Foundation Launches Public Test of Its Energy Blockchain Network
  • Pilot Project Launches to Use Energy Storage and Blockchain to Balance the Grid
  • At COP 23, the Climate Ledger Initiative Focuses on How Blockchain Can Support Paris Agreement
  • Blockchain Platform for Commodities Trading Under Development

To view more information on theses topics in Volume 17 of the Blockchain Energizer, click here.

Today’s House vote in Favor of H.R. 1, the Tax Cuts and Jobs Act

By: Elizabeth C. Crouse

Earlier today, the U.S. House of Representatives voted in favor of H.R. 1, the Tax Cuts and Jobs Act. As expected, the limitations on the Production Tax Credit and Incentive Tax Credit that we discussed in our post on November 3 remain in the House bill: the House Republicans would dramatically curtail the PTC, leave the ITC in respect of solar energy installations largely intact, and renew the ITC in respect of several “orphan” renewable energy technologies. However, as discussed in our post on November 15, the Senate Republicans would not change the existing PTC or ITC provisions in the Senate tax reform package. (According to recent news reports, the Senate Republicans intend to renew the ITC in respect of the “orphan” technologies in an extenders bill later this year.) The Senate has not yet voted on its separate tax reform proposal and, at this point, it is not clear whether a conference committee bill will include any provisions regarding the PTC or ITC.

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