Investment Tax Credits

News & Analysis as of

The Best of a Bad Investment

A recent tax case out of the Fifth Circuit approved a taxpayer’s strategy to make the best of a bad investment. According to the facts of Pilgrim’s Pride v Commissioner, the taxpayer purchased preferred stock from two...more

House Bill 58, Alabama Jobs Act, Gives State Jobs Tax Credit and Capital Investment Credit

HB58, one of five bills that constitute what has been described as the most significant overhaul of Alabama economic development since Mercedes-Benz came to the state, became law on Friday, April 3 (effective July 2). The...more

Inside the New York Budget Bill: 2015 – 2016 Budget Legislation

In This Issue: - Technical Correction .. Economic Nexus .. Tax Base and Income Classifications .. Tax Rates and Qualified New York Manufacturers .. Apportionment .. Combined Reporting .. Net...more

Inside the New York Budget Bill: Apportionment

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the “Budget Bill”) containing several significant “technical corrections” to...more

Inside the New York Budget Bill: Net Operating Losses and Investment Tax Credit

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

IRS Issues Fourth Production Tax Credit Guidance

The Internal Revenue Service recently issued the expected Notice 2015-25, which supplements its earlier notices on the same subject and provides additional guidance to renewable energy facility developers and investors when...more

IRS Issues Additional Guidance on Beginning of Construction Rules for Renewable Projects

The Internal Revenue Service (IRS) issued Notice 2015-25 (Notice) on March 11, 2015, to provide further guidance on meeting the beginning of construction requirements for wind and other qualified facilities (biomass,...more

Are You Continuing Construction? IRS Issues Fourth Renewable Energy Tax Credit Beginning of Construction Notice

On March 11, 2015, the Internal Revenue Service (IRS) issued Notice 2015-25, which provides further guidance to assist renewable energy facility developers and investors in evaluating whether such facilities satisfied the...more

IRS Extends Safe Harbor for Completion of PTC-Qualifying Facilities to Jan. 2017

Yesterday, March 11, 2015, the Internal Revenue Service issued Notice 2015-25, which extends by one year certain tests taxpayers can use to establish that a qualifying renewable energy facility is eligible for the production...more

IRS Extends Continuous Construction/Continuous Efforts Safe Harbors for Production Tax Credit/Investment Tax Credit Qualification

Production tax credits (“PTCs”) are available for wind, biomass, geothermal, landfill gas, trash, hydropower, and marine and hydrokinetic facilities, if construction of the facility began before January 1, 2015....more

IRS Publishes Favorable Guidance on PTC “Start of Construction” Rules

Today, the IRS published Notice 2015-25 that provides guidance the wind power industry has been waiting for since the extension of the production tax credit (PTC) in December....more

IRS Extends "Begun Construction" Guidance

Earlier yesterday, the IRS released Notice 2015-25, 2015-13 IRB 1, which updates the guidance provided in Notice 2013-29, 2013-1 C.B. 1085, Notice 2013-60, 2013-2 C.B. 431, and Notice 2014-46, 2014-36 I.R.B. 520...more

Energy Tax Law Alert: IRS Updates "Beginning of Construction" Guidance

The IRS today issued Notice 2015-25, updating its prior guidance in Notices 2013-29, 2013-60, and 2014-46, regarding the “beginning of construction” requirement for the production tax credit (PTC) under Section 45 of the...more

IRS Releases Guidance on Performance and Quality Standards for Small Wind Energy Property

The IRS recently released Notice 2015-4 (the Notice), which provides performance and quality standards that small wind energy property (defined under section 48(c)(4) of the Code as property utilizing a “qualifying small wind...more

IRS Specifies Performance and Quality Standards for Small Wind Turbines

On January 13, the Internal Revenue Service (IRS) released Notice 2015-4 which specifies the performance and quality standards that small wind turbines must meet in order to qualify for the 30 percent investment tax credit...more

FAQs Expiration of 30 Percent ITC After 2016

Some industry participants and observers are confused about what the investment tax credit (ITC) rules for solar will be on January 1, 2017. In an effort to provide some clarity to this issue, below are frequently asked...more

CRS Report on the Production Tax Credit

On October 2, the Congressional Research Service (CRS) published an overview of the production tax credit (PTC). The report is available below. It contains a helpful summary of the history of the PTC and an insightful...more

ML Strategies Energy and Environment Update - August #3

This week, ML Strategies’s Director of Government Relations, Bryan Stockton, provides an update on the clean energy provisions in the Senate’s tax-extenders package and details scenarios for their extension as the midterm...more

IRS Clarifies and Expands "Beginning Construction" Tests for Production Tax Credit and Investment Tax Credit

In 2013, the Internal Revenue Service established two “beginning construction” tests – a physical work test and a 5% safe harbor test – to determine eligibility for the production tax credit (PTC) and investment tax credit...more

IRS Releases New Guidance on Beginning of Construction

The IRS recently released Notice 2014-46 (the Notice) which provides welcome guidance to tax equity investors and developers on the construction of wind, geothermal, biomass, landfill gas and certain hydropower and marine...more

Notice 2014-46 Provides Additional Guidance on Eligibility of Wind and Other Renewable Energy Facilities for the PTC or the ITC

On August 8, 2014, the Internal Revenue Service (IRS) released Notice 2014-46 (the “Notice”), which provides some important clarifications with respect to the requirement that construction of a project commence prior to...more

IRS Notice 2014-46 clarifies guidance for Production Tax Credits and Investment Tax Credits

The American Taxpayer Relief Act of 2012 modified the definition of certain “qualified facilities” under Section 45(d) of the Internal Revenue Code to require that the construction of such facilities must begin prior to...more

IRS Releases New Guidance on Beginning of Construction - Aug 2014

On August 8, 2014, the Internal Revenue Service (“IRS”) issued Notice 2014-46 (the “Notice”), which clarified certain aspects of the beginning of construction requirement that must be satisfied for taxpayers to qualify for...more

Additional IRS Guidance on Physical Work Test and Facility Transfers for Energy Tax Credits

The IRS has released additional guidance (Notice 2014-46) on the “beginning of construction” requirement for the renewable energy production tax credit under Code Section 45 (PTC) and energy investment tax credit under Code...more

IRS Relaxes and Clarifies Renewable Energy Tax Credit Eligibility Requirements for Projects Under Construction

On August 8, 2014, the Internal Revenue Service (IRS) issued Notice 2014-46 in response to continued industry requests for clarification on several aspects of the renewable electricity Production Tax Credit (PTC) under...more

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