Continuity Safe 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...

Today, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) published Notice 2022-61, providing guidance on the prevailing wage requirements under Section...

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...

To embed, copy and paste the code into your website or blog: On Monday, December 21, 2020, the United States Congress passed a second large stimulus bill[1] (the “Relief Bill”) aimed at curtailing the economic disruptions caused by COVID-19. The Relief Bill, among other things, extends renewable energy tax credits for wind projects, solar projects and carbon capture and sequestration and contains specific provisions addressing offshore wind farms. These extensions include a one-year extensi...

On December 31, 2020, the US Treasury Department and the Internal Revenue Service (the “IRS”) issued Notice 2021-05 (the “Notice”), which provides relief for offshore renewable energy...

On Monday, December 21, 2020, the United States Congress passed a second large stimulus bill [1] (the “Relief Bill”) aimed at curtailing the economic disruptions caused by COVID-19. The Relief Bill, among other things, extends renewable energy tax credits for wind projects, solar projects and carbon capture and sequestration and contains specific provisions addressing offshore wind farms. These extensions include a one-year extension for wind projects, a two-year extension for solar project...