On April 15, 2013, the Internal Revenue Service (IRS) issued long-awaited guidance updating eligibility requirements for renewable project developers seeking to utilize the 2.3 cent/kWh Renewable Electricity Production Tax Credit (PTC) or a 30 percent investment tax credit (ITC) in lieu of the PTC.
When Congress extended the credits a few months ago, it made significant changes to the eligibility criteria for the PTC and ITC by requiring that qualified facilities merely begin construction before January 1, 2014, rather than be placed in service by that time. This recent guidance, released as IRS Notice 2013-29, clarifies what activities constitute beginning construction.
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