The IRS issued Notice 2014-39 clarifying that taxpayers that receive a cash grant in lieu of either a Code Section 45 production tax credit or a Code Section 48 investment tax credit may not claim one of the credits for any portion of the basis of the property, even when the cash grant was reduced due to sequestration. Under the Code, production tax credits based on the amount of energy produced over a 10-year period are available for certain renewable energy generation, such as wind power. Other renewable energy property, such as solar generating equipment, is eligible for an investment tax

The House Financial Services Committee met in open session to vote on legislation considered in a markup of twelve bills dealing with the Consumer Financial Protection Bureau ("CFPB") and other bills that would amend Securities Act requirements. The bills voted on included: H.R. 4697, the "Small-Cap Access to Capital Act," was agreed to (32-27); H.R. 2629, the "Fostering Innovation Act of 2013," was agreed to (31-28); H.R. 3389, the "CFPB Slush Fund Elimination Act of 2013," was agreed to, as amended (31-27); H.R. 4604, the "CFPB Data Collection Security Act," was agreed to, as amended (32-27)

The Board of Governors of the Federal Reserve System ("FRB") invited comment on a proposal to modify the regulations for capital planning and stress testing. The proposed rule would shift the start date of the capital plan and stress test cycles from October 1 of a calendar year to January 1 of the following calendar year . A bank holding company with total consolidated assets of $50 billion or more would be required to submit its capital plan and stress test results to the FRB by April 5, 2014, three months later than under current rulemakings. Additionally, a bank holding company with total

In a speech before the Peterson Institute of International Economics, SEC Commissioner Kara M. Stein discussed several key areas where the SEC must play a critical role in addressing systemic risks. Commissioner Stein acknowledged the seriousness of the fact that many substantive Dodd-Frank reforms have yet to be implemented, and that advancements on the systemic risk front have been generally mixed at best so far. However, she went on to point out what she saw as some successes: the FSOC is meeting regularly, the OFR is operational and has over 200 staffers monitoring and assessing threats to

FINRA filed with the SEC proposed amendments to the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes to increase arbitration filing fees, member surcharges and process fees, and hearing session fees. FINRA filed the proposed rule change with the primary purpose of increasing arbitrator honoraria in order to recruit and retain a roster of "high quality arbitrators." The rules FINRA proposes to amend to increase the various associated fees involving arbitration include: Customer Code Rules 12214 ("Payment of Arbitrators"), 12800 (