News & Analysis as of

Investment Tax Credits Construction Industry

Vinson & Elkins LLP

The Very Timely PWA Requirements Finalized

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On June 18, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (T.D. 9998) (the “Final Regulations”) regarding compliance with the prevailing wage...more

BCLP

Industry update: PWA guidance

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The Inflation Reduction Act (the “IRA”), which was signed into law in August of 2022, has been top of mind for members of the renewable energy industry. This is because, among other things, the IRA significantly restructured...more

Bracewell LLP

IRS and Treasury Department Release Initial Guidance for Labor Requirements under Inflation Reduction Act

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On November 30, 2022, the IRS and the Treasury Department published Notice 2022-61 (the Notice) in the Federal Register. The Notice provides guidance regarding the prevailing wage requirements (the Prevailing Wage...more

Gould + Ratner LLP

IRS Notice Provides Relief for Renewable Energy Construction Projects

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As we discussed in a previous article, the renewable energy industry is experiencing record growth. President Biden’s current initiatives are also expected to provide an additional boost to accelerate future growth in clean...more

McDermott Will & Emery

IRS Provides Relief on Begin Construction Continuity Requirements

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Yesterday, the Internal Revenue Service (IRS) issued Notice 2021-41 (the Notice), providing relief for continuity requirements for the investment tax credit (ITC) under Section 48 and the production tax credit (PTC) under...more

Mintz - Energy & Sustainability Viewpoints

Republican Senators Request “Start of Construction” Relief Under Sections 45 and 48 for COVID-Related Delays, Including...

In a May 21 letter to Treasury Secretary Steven Mnuchin, three Republican senators—Senator Lisa Murkowski (R-AK), Senator Susan M. Collins (R-ME), and Senator Thom Tillis (R-NC)—have requested that Treasury modify existing...more

Foley & Lardner LLP

Beginning Construction Continuity Safe Harbor Extended for National Security Concerns

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Recognizing that, in some situations, a plan to develop or construct a facility or energy property may raise significant national security concerns, the IRS released Notice 2019-43 (which may be found here) on July 12, 2019,...more

Bracewell LLP

Bracewell Tax Report - October 2018

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The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

Akin Gump Strauss Hauer & Feld LLP

The Quick (But Not Dirty) Issue No. 1: IRS Solar Construction Guidance

A Basic Guide to Renewable Energy Market and Energy Tax Basics - So What’s The Quick But Not Dirty? The IRS finally issued IRS Notice 2018-59 Beginning of Construction for the Investment Tax Credit under Section 48 on June...more

Orrick, Herrington & Sutcliffe LLP

Boost For Solar Energy Developers From IRS Clarification Of "Beginning Construction" Tax Credit Rules

On June 22, the Internal Revenue Service ("IRS") issued Notice 2018-59 (the "Notice"), which provides guidance regarding qualification and construction timing for purposes of the investment tax credit ("ITC") provided by...more

Stinson LLP

Beginning Construction Guidance Issued for Solar Projects

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On June 22, the IRS issued Notice 2018-59 providing a beginning construction standard for solar projects similar to the standard previously set for wind projects. Solar developers now have a standard for reliance on what...more

Mayer Brown

Beginning of Construction Guidance for Solar and Other ITC Technologies

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On June 22, 2018, the IRS released Notice 2018-59 (the “Guidance”). The Guidance provides rules to determine when construction begins with respect to investment tax credit (“ITC”) eligible property, such as solar projects. ...more

Stoel Rives LLP

IRS Issues Guidance Regarding Beginning of Construction Requirement for ITC

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The IRS today issued guidance regarding the “beginning of construction” requirement as it related to the investment tax credit (ITC) under Internal Revenue Code Section 48. The guidance, Notice 2018-59, generally applies the...more

Akin Gump Strauss Hauer & Feld LLP

Got ITCs? How to Start Construction on Your Solar Project (Pre-IRS Guidance)

Solar developers are getting antsy about what is needed to show that they started construction on their 2020 (or later) projects by the end of 2019. The answer is not clear in the absence of solar-specific guidance from...more

Spilman Thomas & Battle, PLLC

From Red to Black: Using Tax Credit Programs to Complete the Project

Similar to other industries in today’s economy, our contractor and developer clients deal in a highly competitive marketplace. As contractors and developers seek opportunities to expand business, they should consider some...more

Perkins Coie

Congress Extends PTC and ITC Renewable Energy Tax Credits

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The renewable energy industry, particularly the wind and solar energy sectors, have been hopeful that the U.S. Congress would act this year to extend certain tax credits that project developers and related sectors, such as...more

Stinson LLP

Wind and Solar Energy Tax Credits Extended

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On Friday, December 18th, President Barack Obama signed into law the $1.1 trillion Consolidated Appropriations Act of 2016, which extended and also phased down certain renewable energy investment tax credits (ITC) and...more

Perkins Coie

IRS Issues Fourth Production Tax Credit Guidance

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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

Eversheds Sutherland (US) LLP

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

Akin Gump Strauss Hauer & Feld LLP

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

Wilson Sonsini Goodrich & Rosati

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

Stoel Rives LLP

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

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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

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