Notice 2020-41 gives renewable energy developers more time to complete projects and eases technical requirements of the 3 ½ month rule.

Key Points:

..Developers who started construction in 2016 or 2017 now have five years to complete their projects and qualify for tax credits under a safe harbor.

..The new rules enhance the value of wind projects that started construction in 2016 or 2017 by giving developers and investors more time to complete them and qualify for tax credits that are now being gradually phased out.

..Developers who paid for equipment on or after September 16, 2019 and receive the equipment by October 15, 2020 will be deemed to have reasonably expected receipt within three and one-half months for the purposes of establishing the start of construction on a renewable energy project.