The American Taxpayer Relief Act of 2012 (the “Act”), passed by Congress on January 1, 2013, and expected to be quickly signed into law by the President, includes important extensions and changes to certain energy tax credit provisions. The major business-related changes are discussed below.
Under current law, the production tax credit (the “PTC”) provides taxpayers with a 2.2¢ per kilowatt hour tax credit for wind electricity produced for a 10 year period from a wind facility placed in service by the end of 2012, and from certain other qualified renewable energy facilities placed in service by the end of 2013. The Act extends the PTC to such facilities as long as construction of the facility begins before January 1, 2014.
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Topics: American Taxpayer Relief Act, Electricity, FERC, Fiscal Cliff, Production Tax Credit, Renewable Energy, Wind Power
Published In: Elections & Politics Updates, Energy & Utilities Updates, Finance & Banking Updates, Commercial Real Estate Updates, Tax Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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