On June 29, 2021, the Internal Revenue Service (“IRS”) issued IRS Notice 2021-41 (the “Notice”), which extends the “Continuity Safe Harbor” for renewable energy projects that qualify for production tax credits under Section...more
On June 29, 2021, the IRS issued Notice 2021-41, which provides a further extension of the continuity safe harbor and revises the “facts and circumstances” rules: ..For PTC and ITC-eligible projects for which...more
Treasury has made good on its widely anticipated commitment to provide relief for investment tax credit (“ITC”) and production tax credit (“PTC”) projects adversely affected by COVID-19 by issuing Notice 2020-41, which (1)...more
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
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
The IRS recently issued Notice 2018-59 (the “Notice”) which provides clarification to “beginning of construction” for taxpayers seeking to take advantage of the section 48 renewable electricity investment tax credit (ITC) for...more
New Internal Revenue Service (IRS) guidance on what it takes to start construction of a solar project raises practical questions, but it is very helpful in keeping the industry humming along. Solar projects that are under...more
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
On June 22, 2018, the Internal Revenue Service (IRS) issued much-anticipated guidance to help developers of, and other industry participants in, solar, qualified fuel cell, qualified microturbine, combined heat and power,...more
On June 22, 2018, the IRS issued Notice 2018-59 (ITC Guidance), providing long-awaited guidance on the "begun construction" requirements for facilities qualifying for the Section 48 investment tax credit (ITC). The ITC is a...more
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
The IRS recently issued Notice 2017-4 (the “Notice”) which makes two important changes to its “beginning of construction” rules for taxpayers seeking to take advantage of the section 45 renewable electricity production tax...more
Latest guidance extends “continuity safe harbor” to four years and includes other taxpayer-friendly modifications and clarifications to existing guidance. On May 5, 2016, the Internal Revenue Service (IRS) issued...more
On May 5, 2016, the IRS issued Notice 2016-31 (the “Notice”) which revises previous guidance on satisfying the “beginning of construction” test in order to take advantage of the section 45 renewable electricity production tax...more
On May 5, 2016, the Internal Revenue Service (IRS) issued Notice 2016-31, which updates prior guidance regarding the beginning of construction requirement for IRC sections 45 and 48 renewable energy tax credits following...more