News & Analysis as of

Production Tax Credit Wind Power

Wind in the Sails of Offshore Wind Farms: Recent Developments in Incentives for Offshore Wind Generation

On May 11, 2017, Senators Edward J. Markey (D-Mass.) and Sheldon Whitehouse (D-R.I.) introduced the Offshore Wind Incentives for New Development Act or, simply, the Offshore WIND Act (here). The Offshore WIND Act would...more

Oklahoma State PTC Ends for Wind Projects Not Operating Prior to July 1, 2017

On April 17, 2017, Oklahoma Governor Mary Fallin signed into law House Bill No. 2298, which moves the deadline for a wind project to be operational to qualify for the state’s production tax credit for wind power to June 30,...more

Wind PTC Increased from 2.3 Cents to 2.4 Cents per KwH

On April 11, the IRS announced an inflation adjustment increase in the production tax credit (“PTC”) for power sold in 2017 that is generated by wind, closed-loop biomass, geothermal projects to 2.4 cents from the prior 2.3...more

Oklahoma House Votes for Early Sunset of State Wind PTC

On March 9, 2017, Oklahoma’s House of Representatives passed H.B. 2298, which would end the Oklahoma production tax credit for wind energy production three and a half years earlier than current law. This measure was first...more

Oklahoma Gov. Proposes New Tax on Wind, Early End to Wind Tax Credits

Oklahoma governor Mary Fallin (R) recently released her proposed 2018 Executive Budget, which includes two new anti-wind tax proposals. The first proposal would end the zero-emission tax credit for wind facilities placed in...more

Infocast Wind Power & Finance Investment Summit Soundbites

Below are soundbites from panelists at the Infocast Wind Power & Finance Investment Summit on February 28, 2017 in Rancho Bernardo, California.  The soundbites are organized by topic, rather than in chronological order, and...more

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

by McDermott Will & Emery on

On December 15, 2016, the Internal Revenue Service released Notice 2017-04, which provides welcome guidance on how to meet the “beginning of construction” requirements for wind and other qualified facilities. There has been...more

IRS Issues Further Guidance on “Start of Construction” Requirement for Renewable Energy Tax Credits, Including Continuity...

On May 5, 2016, the IRS released Notice 2016-31, which provides additional guidance on the “start of construction” requirements for the production tax credit (PTC) and investment tax credit (ITC) in lieu of the PTC. Notice...more

U.S. Offshore Wind: Mid-Year Update

by Sullivan & Worcester on

Several speakers at the recent American Wind Energy Association (AWEA) annual conference in New Orleans lauded the positive impact of Congress's extensions of the production tax credit (PTC) and investment tax credit (ITC) in...more

New Production Tax Credit “Beginning of Construction” Advice From the IRS

by Perkins Coie on

The IRS recently issued Notice 2016-31, providing further guidance regarding the “beginning of construction” requirement for the production tax credit (PTC) under Section 45 of the Internal Revenue Code and the investment tax...more

IRS Issues Additional Guidance on “Begun Construction” Requirement for Wind Energy Credits

by Latham & Watkins LLP on

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

IRS Issues New Notice Extending Beginning of Construction Safe Harbor

by Foley & Lardner LLP on

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

Question and Answer from the Tax Equity Structuring, Financial Modeling and HLBV Accounting Seminar

The tax equity investor invests to own only a portion of the production tax credits (PTCs) up front, since there is an unknown of the actual production levels of the wind farm. What does the project company do with the...more

President Obama Signs Consolidated Appropriations Act

by McDermott Will & Emery on

Renewable Energy Industry Seeks Additional Energy Credit Clarifications - On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act). The Act includes...more

Latest Renewal of the Production Tax Credit Could Spark Development of Wind Farms (at Least in the Short Term)

by King & Spalding on

The Consolidated Appropriations Act of 2016, which passed through Congress and was signed into law last month, included the latest iteration of the Production Tax Credit (PTC) for renewable generating resources. The PTC was...more

What Must Be Done for Wind and Solar Projects to Have “Begun Construction” under the New PTC and ITC?

by McDermott Will & Emery on

With the recent extension of the federal income tax credits available for renewable energy projects, practitioners and industry participants have raised questions as to how the “begun construction” rules will apply under...more

Winds of Change for Alternative Energy Tax Incentives in 2016

by K&L Gates LLP on

Congress has some unfinished business on alternative energy policy, which may provide unusual legislative opportunities in an election year. While tax credits for wind and solar power received long-term extensions in the...more

Energy & Environment Update - January 2016

Energy and Climate Debate - Following weeks of intense negotiations, Congress approved the $1.1 trillion omnibus appropriations and $680 billion tax extenders package (H.R. 2029), which includes a long-term extension and...more

Win for Wind on Taxes: Federal Income Tax Wind Farm Production Credit Extended for 2015 through 2019 - "Phase-Out" Limits Credit...

by GableGotwals on

Wind farm electric generation facilities in Oklahoma have received a favorable federal income tax credit extension. The federal income tax credit for production of electricity by a qualified facility from wind...more

Congress Passes End of Year Spending Bill Including Repeal of the Oil Export Ban and Other Significant Energy Provisions

by King & Spalding on

After weeks of intense negotiations and backroom tradeoffs, on Friday, December 18, Congress passed, and President Obama signed into law, a 2,000 page omnibus bill to fund the federal government for fiscal year 2016. The...more

Five Things You Need to Know About the Extension of the ITC/PTC

On December 18, Congress approved and President Obama signed into law the Consolidated Appropriations Act, 2016 (the Act). Among the 887-page budget bill’s myriad provisions is an extension of federal income tax credits for...more

Extension of Renewable Energy Tax Incentives

by McDermott Will & Emery on

On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act), which included welcomed extensions to a number of energy tax incentives....more

Omnibus Funding and Tax Extenders Legislation Includes Important Extensions for Renewable Energy Projects

On December 18, Congress passed and the President signed into law the “Consolidated Appropriations Act, 2016” and the “Protecting Americans from Tax Hikes (PATH) Act of 2015,” funding the government and providing a number of...more

Energy & Environment Update - December 2015 #2

by Mintz Levin - ML Strategies on

Energy and Climate Debate - Congress approved today a $1.1 trillion omnibus appropriations and $680 billion tax extenders package (H.R. 2029) and adjourned for the first session of the 114th Congress. Please find below a...more

"Congress Extends Renewable Energy Tax Credits"

On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (Act), which extends and modifies the investment tax credit for solar energy property, the production tax credit for wind...more

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