IRS clarifies PTC guidance, sets 2015 as safe harbor completion date

Alternative & Renewable Energy Tax Newsalert

The IRS has released new guidance (IRS Notice 2013-60) to clarify the requirements for companies to be treated as beginning construction in 2013 on renewable electricity projects that qualify for the production tax credit. Most significantly, taxpayers that complete their projects by the end of 2015 will be deemed to have met the “continuous efforts” or “continuous construction” requirements of the guidance. This change should give renewable energy developers greater certainty in executing the projects in their current pipeline.

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