On December 17, 2019, lawmakers on Capitol Hill agreed to a tax extenders package that is expected to be passed by the House and the Senate in the coming days as part of the Taxpayer Certainty and Disaster Tax Relief Act of...more
On June 22, 2018, the IRS issued Notice 2018-59 (ITC Guidance), providing long-awaited guidance on the "begun construction" requirements for facilities qualifying for the Section 48 investment tax credit (ITC). The ITC is a...more
On December 15, 2016, the IRS issued Notice 2017-04, which clarifies and extends certain "begun construction" requirements for facilities qualifying for the Section 45 production tax credit (PTC) for which construction must...more
In the inaugural column of ‘‘Power and Taxes,’’ we discussed the tensions surrounding the requirement that an investor be an owner when a project is placed in service in order to qualify for the investment tax credit under...more
10/2/2016
/ Begun Construction Test ,
Complex Financial Products ,
Condition Precedent ,
Condition Subsequent ,
Investment Funds ,
Investment Partnerships ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Renewable Energy Incentives ,
Repurchases ,
Rescission ,
Tax Court
Following last year's extension of the investment tax credit for qualifying projects for which construction begins prior to January 1, 2020, and of the production tax credit (PTC) with respect to certain facilities the...more
Earlier today, President Obama signed the Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2016 (the Act)—which includes the Consolidated Appropriations Act of 2016 and the Protecting...more
Earlier yesterday, the IRS released Notice 2015-25, 2015-13 IRB 1, which updates the guidance provided in Notice 2013-29, 2013-1 C.B. 1085, Notice 2013-60, 2013-2 C.B. 431, and Notice 2014-46, 2014-36 I.R.B. 520...more
Earlier today, President Obama signed the Tax Increase Prevention Act of 2014 (H.R. 5771) into law, following its passage through Congress on Tuesday. Among other things, the act will provide a one-year retroactive extension...more