Notice 2021-05 gives renewable energy developers 10 years to complete projects located offshore or on federal land.

Key Points:

..Developers of offshore and federal land projects now have 10 years to complete their projects after the year in which construction begins to qualify for tax credits under a safe harbor.

..The 10-year safe harbor provides more tax credit certainty to developers of certain long construction cycle projects.

..Developers with projects that had begun construction but were struggling to comply with the IRS’s four-year safe harbor are likely to welcome the Notice.