Continuity Safe Harbor News Today

On November 30, 2022, the IRS and the Treasury Department published Notice 2022-61 (the Notice) in the Federal Register. The Notice provides guidance regarding the prevailing wage...

On November 30, 2022, the IRS and the Treasury Department published Notice 2022-61 (the Notice) in the Federal Register. The Notice provides guidance regarding the prevailing wage...

Inflation Reduction Act of 2022 IRA under IRS and Treasury Depart Notice 2022-61 for Apprenticeship Requirements, Prevailing Wage Requirements, Labor Requirements which a taxpayer must satisfy to be eligible for increased amounts of the following clean energy tax credits

The Inflation Reduction Act of 2022 (the “IRA”) added and modified certain tax credit and deduction provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). One...

The Internal Revenue Service (IRS) issued guidance on the prevailing wage and apprenticeship requirements under the Inflation Reduction Act (IRA) by publishing Notice 2022-61 (the...

Just before leaving office, President Trump signed two pieces of legislation aimed at incentivizing renewable energy development: the Energy Act of 2020 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

Treasury, IRS extend safe harbor for renewable energy projects WASHINGTON D.C. (KVOA) — The Department of the Treasury and the Internal Revenue Service on Tuesday issued guidance for taxpayers developing renewable energy projects to address delays related to the COVID-19 pandemic. In prior IRS notices, the Treasury Department and the IRS established the Continuity Safe Harbor that allows an eligible renewable energy project to be deemed to satisfy the continuity ...

United States IRC allows production or investment tax credits for taxpayers using wind to produce electricity or for placing wind energy property in service; availability and amount of production tax credit PTC or investment tax credit ITC depends on when taxpayer begins constructing a wind project.

  * The 10% ITC would also apply to projects that commenced construction in prior years but did not meet the placed-in-service deadline. Given that the 2019 Bill did not provide any extensions for claiming ITCs with respect to solar projects, these changes mark a welcomed development for the solar industry. Notably, the Extenders Bill coincides with the increasing competiveness of the solar energy industry, paving the way for a continued solar boom. Although the placed-in-service date for such...

OVERVIEW New guidance from the Internal Revenue Service (IRS, the Service) extends the Continuity Safe Harbor to 10 years for both offshore wind projects and projects on federal land. IN DEPTH As background, eligibility for the production tax credit (PTC) under Section 45 and the investment tax credit (ITC) under Section 48 ties to the date when a project “begins construction.” There is extensive existing guidance from the Service regarding when a project is treated as having begun construc...