News & Insights
Stay informed with the latest developments and expert perspectives on tax credits from Mickelson & Company. Our articles offer thorough analysis and up-to-date insights into the railroad and renewable energy sectors. Utilize this knowledge to strengthen your strategic planning in these crucial areas.
From Federal to State: Using 45G Rail Credits as a Model for Biofuels
The 45G federal tax credit for rural railroad maintenance serves as a model for state-level adoption, with 17 jurisdictions now offering similar incentives to boost rural infrastructure. This legislative pattern is currently being replicated for the American biofuels industry following the 2025 introduction of federal credits, with states like Kansas and Kentucky already adopting complementary programs.
Cate’s Corner: Policy Success Takes Time
One of the biggest misconceptions about the legislative process is that good ideas become law in a single session. In reality, meaningful policy often requires years of education, relationship-building, and persistence before the right opportunity presents itself.
DOE Revises 45Z GREET Model: Lower Carbon Intensity Scores and Stricter Standards for Clean Fuel Credits
The U.S. Department of Energy released an updated 45ZCF-GREET model on June 12, 2026, which lowers carbon intensity scores by removing indirect land use change emissions for fuels produced after Dec. 31, 2025. These updates introduce stricter North American feedstock sourcing requirements and increased compliance documentation for clean fuel producers, while impacting diligence processes for tax credit buyers.
4 Benefits of Purchasing a Transferable Tax Credit
Imagine if your corporation could legally reduce its federal tax liability by 10% or more without taking on complex equity risk or altering its core business operations. This is the reality in a rapidly growing market for transferable tax credits.
Industrial Development Tax Credits: Supporting Economic Growth While Generating State Tax Savings
States are constantly looking for innovative ways to compete for new private investment. One tool that is gaining popularity is the Industrial Development Tax Credit, a transferable tax credit that allows taxpayers to reduce their state tax liability while also supporting meaningful economic development projects across rural America.
Section 45Z and Prevailing Wage & Apprenticeship Regulations: From Proposed Rules to Implementation
As prevailing wage and apprenticeship (PWA) guidance continues to evolve, taxpayers must ensure comprehensive oversight to avoid significant penalty exposure.
Cate’s Corner: Legislative Updates – May 2026
As state capitols quiet down for the year, we want to recognize the significant accomplishments short line railroads achieved during this legislative cycle.
Guidance and the GREET Model: Considerations for 2026 Section 45Z Tax Credit Purchases
As the tax credit transferability market moves into mid-2026, the market for Section 45Z continues to mature. While Treasury and the IRS have now released proposed guidance on the credit, several critical issues remain open, including the anticipated release of an updated Greenhouse Gases, Regulated Emissions, and Energy Use in Technologies (GREET) model expected in the third quarter of 2026.
45Z Transfer Pricing in 1H 2026: What’s Actually Moving the Bid
The first half of 2026 marks the transition of Section 45Z clean fuel production tax credits from an emerging concept to an execution-driven market. After a slow and uncertain 2025, pricing is now less about headline credit value and more about how transactions are structured, documented, and delivered.
Webinar: Turning 45Z Tax Credits into Climate Capital
Hosted by Timothy Daniel of Rimba AI for San Francisco Climate Week 2026, Mickelson & Company's Vice President of Renewables & Legal Counsel Faith Larson discusses the Section 45Z tax credit, one of the most favorable tax credits for a corporate purchaser.
Major Funding Opportunity for Short Line Railroads: FY 2025-2026 CRISI Grants Now Open
The Federal Railroad Administration has released the Notice of Funding Opportunity for the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, making more than $2.039 billion available for eligible rail projects. Applications are due June 22, 2026.
Five Things to Consider in a Tax Credit Transfer
Navigating the landscape of tax credit transfers requires a strategic approach that goes far beyond simply finding the lowest price. By focusing on these key considerations, investors can secure high-quality credits that offer both immediate value and enduring peace of mind.
Webinar: Risk Mitigation Strategies for Tax Credit Direct Transfers
As the landscape for renewable energy financing continues to evolve, a sharper focus is being placed on the mechanics of the transferable tax credit market. On March 25, 2026, a panel of industry experts convened for a webinar titled "Tax Credit Direct Transfers Risk Mitigation Strategies" to discuss the opportunities and inherent risks for buyers and sellers in this burgeoning sector.
A Solution to the §45Z Buyer-Size Mismatch
As 2025 tax year filing nears, mid-sized companies are using "buyers clubs" to access Section 45Z renewable energy credits. These innovative fund structures allow smaller taxpayers to pool resources into LLCs, overcoming high entry costs to secure the tax benefits typically reserved for large corporations.
The Tax Broker/Advisor as Quarterback in Section 45Z Credit Transactions
Navigating the Section 45Z tax credit is a game of inches; it requires a transaction “quarterback” to align the interests and priorities of biofuel producers and corporate taxpayers.
Registration Open for March 25 Webinar on Tax Credit Direct Transfers: Risk Mitigation Strategies
Please join experts from Mickelson & Company, CliftonLarsonAllen, Aon, and Husch Blackwell as they present a webinar on March 25 from noon to 1 p.m. CDT on Tax Credit Direct Transfers: Risk Mitigation Strategies.
Section 45Z: Proposed Regulations Provide Clarity and Certainty
After a year of anticipation, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) published long-awaited proposed regulations for the Section 45Z Clean Fuel Production Tax Credit on Feb. 4, 2026.
What Buyers Want to See: The 5 Documents That Move Price (and Close Time) for Transferable Renewable Energy Tax Credits
In the transferable tax credit market, corporate tax departments are placing greater emphasis on documentation quality and seller creditworthiness. These factors are now driving meaningful spreads, even between credits originating from similar project types. Buyers are favoring credits supported by strong counterparties with strong due diligence documentation to reduce overall transaction friction.
Viridi Announces Sale of First Section 48 Investment Tax Credits from Magnolia Landfill RNG Project in Baldwin County, Alabama
Viridi Energy (“Viridi”), a Warburg Pincus portfolio company and a leading renewable natural gas (RNG) platform, today announced the successful sale of its first Investment Tax Credits (ITCs) under Section 48 related to Viridi’s landfill gas-to-RNG project at Magnolia Landfill in Baldwin County, Alabama. Mickelson & Company served as the broker for this project.
How §45Z Creates Incremental Yield for Corporate Buyers
The Inflation Reduction Act (IRA) of 2022 created certain transferable tax credits that have evolved from theory to a strategic asset class for finance and taxation experts. As this market continues to mature, pricing differences have emerged across credit types, particularly among Sections 45X, 45Y, and 45Z, creating a value-add opportunity for corporate buyers.