As part of broad-based federal support for the renewable energy sector, the American Recovery and Reinvestment Act of 2009 (the “Recovery Act”) changed federal tax law to allow developers of certain types of renewable energy projects to elect the Section 48 investment tax credit (the “ITC”) in lieu of the Section 45 production tax credit (the “PTC”). On June 5, 2009, the Internal Revenue Service (the “IRS”) issued Notice 2009-52 outlining the procedures taxpayers are to follow in making this election.

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