Martha G. Pugh

Advised Capital Community Bank on the purchase and transfer of a mixed portfolio of federal tax credits under the Inflation Reduction Act’s transferability regime (IRC § 6418).

Represented a US nuclear company on extensive issues surrounding prevailing wage and documentation requirements for purposes of qualification for production tax credits under Code Section 45U and 45Y, and the Davis Bacon requirements for the same.

Provided tax advice for multiple US nuclear companies regarding the restart of facilities, including the qualification for production tax credits under Code Section 45Y and nuclear decommissioning tax issues under Code Section 468A.

Advised multiple US nuclear companies with respect to tax and nuclear decommissioning issues in the purchase and transfer of interests in nuclear power plants, including analysis of qualified fund allocations, Code Section 468A limitations, and implications for tenants in common ownership structures along with state regulatory advice.

Provided advice to multiple nuclear electric companies on the production tax credit for existing nuclear plants under 45U, including both taxpayers qualifying for tax credit transfers under Code Section 6418 and tax-exempt municipalities qualifying for direct pay under Code Section 6417.

Representing a nuclear company in connection with the first tax credit transfer under Code Section 6418 for production tax credits under Section 45Y.

Providing multiple nuclear companies advice on qualification for the domestic content bonus and nuclear energy community bonus credit enacted under the One Big Beautiful Bill Act.

Provided tax advice on numerous utility scale wind transactions, solar transactions, battery storage, and other renewable technologies.

Advised taxpayer on acquiring first of a kind ruling regarding normalization tax issues for public utility companies entering into a joint venture with a tax equity investor for renewable energy projects.

Requested and received rulings for taxpayers that have acquired and/or sold nuclear power plants and confirmation of tax treatment under 468A and the corresponding nuclear decommissioning trust funds. Provide advice to companies providing decommissioning services regarding permissible expenditures and structuring of transactions.

Advised taxpayers on requests for hundreds of private letters rulings confirming the status and allowing for tax qualified contributions to nuclear decommissioning trust funds.

Provided tax advice on waste to energy facilities and combined heat and power facilities and qualification for tax incentives under the Inflation Reduction Act.

Provided advice on advanced manufacturing tax credit for battery storage, critical minerals, and other technologies.

Provided advice on transactions for sale of gas facilities and purchase of LNG and excise tax issues.

Advise nuclear generators on Nuclear Regulatory Commission rules relating to nuclear decommissioning trust funds and drafting of trust agreements. Advise investment management companies regarding permissible assets for nuclear decommissioning trust funds.

Advise nuclear and hydrogen generators on tax incentives under the Inflation Reduction Act.

Advised utilities on sale of portfolios of renewable assets and tax consequences of complex structures involved in the sale.

Draft comments for industry groups and taxpayers regarding issues involving normalization, contributions in aid of construction, nuclear production tax credit, and nuclear decommissioning trust funds.