On June 5, 2009, the Internal Revenue Service ("IRS") issued Notice 2009-52 (the "Notice") providing guidance on the process for electing an investment tax credit ("ITC") rather than a production tax credit ("PTC") for specified renewable energy facilities. Provisions in the American Recovery and Reinvestment Act of 2009 ("ARRA") allow for the ability to make such an election. These provisions allow a taxpayer to make an irrevocable election to receive an ITC calculated based on 30 percent of the cost of qualifying property in the year the property is placed in service, in lieu of a PTC claimed over a 10-year period based on the electricity produced.
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