The IRS released Notice 2026-15 on 12 February, providing interim guidance for determining if certain electricity-producing facilities, energy storage technologies or their eligible components are receiving material assistance from a prohibited foreign entity (PFE), which would make them ineligible for IRC Section 45X, 45Y or 48E credits.

The Notice also provides details on how taxpayers may use the interim safe harbors provided in the One Big Beautiful Bill Act to determine the material assistance cost ratio. The Notice indicates the IRS intends to issue further regulations on the definition of a PFE and the material assistance rules. A Tax Alert is forthcoming.

In a procedural vote, the US Senate on 10 February blocked a Congressional Review Act resolution (S.J.Res.95 ) by Senate Finance Committee Ranking Member Ron Wyden (D-OR) and Senator Angus King (I-ME) that would have nullified IRS Notice 2025-28, which addresses partnership issues under the Corporate Alternative Minimum Tax (CAMT). In Notice 2025-28, the IRS announced its intent to partially withdraw proposed regulations on the CAMT applicable to corporate investments in partnerships and to propose new CAMT regulations on those investments.

A fact sheet on the CAMT Congressional Review Act resolution provides details.

The US House and Senate have recessed and will be out of session next week for the planned President's Day recess.

The US and Taiwan signed a trade agreement on 12 February that will reduce most US tariffs on Taiwanese goods to 15%, with Taiwan reducing or eliminating 99% of tariffs on US goods. Taiwan also pledged "preferential market access" to US industrial and agricultural exports. A US Trade Representative fact sheet provides details.

Also, the Trump Administration on 6 February announced trade-related Executive Orders regarding India and Iran, the former addressing a reduction of tariffs on Indian goods announced by the President in a social media post on 2 February.

The US-India Joint Statement confirmed that the US would lower the 25% country-specific tariff rate on imports from India enacted by President Trump's 31 July 2025 Executive Order. There is still no official action to implement this tariff reduction. The White House also issued an Executive Order, Modifying Duties to Address Threats to the United States by the Government of the Russian Federation, lifting the Russian oil-related duties of 25% on imports from India. These secondary tariffs were imposed last August in response to India's purchases of Russian oil amid the ongoing Russia-Ukraine conflict.

The Trump Administration further issued an Executive Order authorizing tariffs on countries that trade with Iran. Theorder states that an additional ad valorem duty rate, "may be imposed on goods imported into the U.S. that are products of any country that directly or indirectly purchases, imports, or otherwise acquires any goods or services from Iran." An accompanying Fact Sheet provides more details.