Energy and Clean Technology Advisory: IRS Provides Guidance on Electing Investment Tax Credit in Lieu of Production Tax Credit

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The American Recovery and Reinvestment Act of 2009 (ARRA) expanded tax incentives for the renewable energy sector in several ways. One significant change allows taxpayers to elect the Code Section 48 investment tax credit (ITC) in lieu of the Code Section 45 production tax credit (PTC) with respect to qualifying renewable energy facilities. On June 5, the IRS issued Notice 2009-52 describing the procedures for making this election.

Please see full advisory for more information.

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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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