News & Analysis as of

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

IRS Comments on its PTC Start of Construction Guidance

On August 20, the American Wind Energy Association (AWEA) held a webinar to discuss Internal Revenue Service (IRS) Notice 2014-46, which clarified the rules for wind projects to be grandfathered for production tax credit...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 Issues Additional Guidance with Respect to 2013 Beginning of Construction Rules for Wind and Other Renewable Projects

The Internal Revenue Service (Service) issued Notice 2014-46 (Notice) on August 8, 2014, to provide further guidance on meeting the beginning of construction requirements for wind and other qualified facilities (biomass,...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

"IRS Guidance Clarifies Renewable Energy Tax Credit"

The Internal Revenue Service (IRS) has released welcome new guidance on renewable electricity production and energy investment tax credits. A notice issued on August 8, 2014, addresses when a facility or equipment maintains...more

Are You Really Sure That Construction Began? IRS Issues Third Notice Regarding Renewable Energy Tax Credit Beginning of...

On August 8, 2014, the Internal Revenue Service (“IRS”) issued Notice 2014-46, which provides further guidance intended to assist developers and purchasers of renewable energy facilities evaluate whether such facilities...more

IRS Issues Additional Guidance on "Start of Construction" Requirement for Renewable Energy Tax Credits

On August 8, 2014, the IRS released Notice 2014-46, which provides additional guidance on the "start of construction" requirements for the investment tax credit (ITC) and production tax credit (PTC). As discussed below,...more

Energy Tax Law Alert: IRS Issues New Guidance Regarding Beginning of Construction Requirement for ITC/PTC

On Friday, the IRS issued guidance that clarifies and modifies prior guidance regarding the “beginning of construction” requirement for qualifying for the production tax credit (PTC) under Section 45 of the Internal Revenue...more

IRS Finally Releases Clarifications to PTC “Start of Construction” Guidance

On Friday, the Internal Revenue Service (IRS) issued Notice 2014-46, which clarifies the rules for a wind project to be deemed to have started construction in 2013 as is necessary to be eligible for production tax credits...more

SolarCity Discovery Motion Details Treasury’s Cash Grant Processes and Treasury’s Communications with SolarCity

On June 23, 2014, Covington & Burling (C&B), on behalf of affiliates of SolarCity Corporation (“SolarCity”) filed a motion in the Court of Federal Claims to compel Treasury to produce documents related to the setting of...more

IRS Creates Narrow Distributed Generation Wind Opportunity for REITs

The IRS has opened the door a crack for real estate investment trusts (REITs) to be the lessors of wind projects. To qualify as a REIT, a corporation must satisfy a series of complicated tests that require the...more

IRS Issues Notice on the Cash Grant Sequestration and Tax Attributes

Yesterday, the IRS issued a notice confirming the effects of the Cash Grant sequestration with respect to the tax attributes associated with the renewable energy projects that received the Cash Grant. Notice 2014-39 is...more

Proposed Rules Would Offer REIT Status to Certain Solar Assets

The modified “flow-through” tax treatment afforded to REITs depends on the entity’s ability to meet certain asset and income-based tests, all of which in turn key off of the definition of “real estate.” ...more

Proposed IRS Rule Could Allow Solar Energy REITs

President Obama announced on Friday several executive actions to advance clean energy. Among them, the Internal Revenue Service (IRS) will publish new regulations on May 14th clarifying that certain solar generating assets...more

Treasury Inspector General Report on 1603 Cash Grant Seems Off the Mark

On December 17, the Treasury Inspector General for Tax Administration released Review of Section 1603 Grants in Lieu of Energy Investment Tax Credit which is available below. Either there is some confusion associated with the...more

IRS Opens the Door to Expanded Use of Residential Section 25D Credit in Offsite Solar and Other Renewables Projects

The IRS has released new guidance (Notice 2013-70) (the “Guidance”) in the form of a Q-and-A interpreting tax credits available to individual taxpayers under IRC Section 25D (Residential Energy Efficient Property) (the “25D...more

New Beginning Construction Guidance Notice 2013-60

Earlier this year, the Internal Revenue Service (the “IRS”) published Notice 2013-29, providing guidance on what it means to “begin construction” for purposes of the recent extension of the 2.3 cent-per-kilowatt-hour...more

IRS Issues Additional Guidance on When Construction Begins for Purposes of Production Tax Credit, Investment Tax Credit

The Internal Revenue Service (IRS) has issued additional guidance relating to when construction begins with respect to wind and other qualified facilities for purposes of the production tax credit and investment tax credit. ...more

Energy Law Alert: IRS Releases Notice 2013-60 With Additional Guidance For PTC/ITC Qualification

Late in the day on September 24, the IRS released a formal Notice addressing the Begun Construction requirements to qualify for the Production Tax Credit and Investment Tax Credit. Notice 2013-60 clarifies an earlier Notice...more

Additional IRS Guidance on “Beginning of Construction” for ATRA 2012 Tax Credit Extensions

The IRS has released additional guidance (IRS Notice 2013-60) on satisfying the new “beginning of construction” requirement for the renewable energy production tax credit under Code Section 45 (PTC) and energy investment tax...more

IRS Issues Notice Clarifying Earlier Guidance on "Beginning of Construction" Requirement for PTC and ITC Purposes

On September 20, 2013, the IRS released Notice 2013-60, which clarified Notice 2013-29. Each Notice addresses the requirement that construction of a qualified facility must begin before January 1, 2014, in order to be...more

IRS Updates Renewable Energy Tax Credit Beginning of Construction Guidance

On September 20, 2013, the Internal Revenue Service (IRS) issued Notice 2013-60, which provides additional guidance that will help developers and purchasers of renewable energy facilities meet the beginning of construction...more

IRS Likely to Supplement "Beginning Construction" Guidance

As most of you are aware, Congress in the "American Taxpayer Relief Act of 2012" eliminated the "placed in service" deadline for purposes of the renewable energy tax credits. In its place, Congress required for purposes of...more

Treasury Tells Congress PTC Guidance Provides the Desired Degree of Certainty in the Marketplace

A letter from Treasury Assistant Secretary for Legislative Affairs Fitzpayne to Rep. Coffman (R-CO) dated June 17, 2013 addresses the IRS’ recent guidance with respect to the “beginning construction” requirement for PTC...more

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