Production Tax Credit Extended For Another Year

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More information about this later, but Congress has extended the Production Tax Credit (“PTC”) for wind as part of its agreement to avoid the fiscal cliff. The new sunset date for the PTC for wind is through December 31, 2013.

Interestingly, reports indicate that Congress also appears to have modified what facilities are eligible for the PTC. Previously, a facility had to be “placed into service” by a certain date to qualify. Now, it appears that a facility need only have “begun construction” by the deadline in order to qualify.

Looks for more information on this soon.

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Tax

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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