As highlighted in McGuireWoods’ May 10, 2023, alert, Fairfax County is undertaking a review of its data center regulations. On July 18, 2023, the Fairfax County Land Use Policy.
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The IRS recently issued Notice 2021-05, which extends the continuity safe harbor to 10 years for offshore wind projects and renewable energy projects constructed on federal land. Under prior IRS guidance, most renewable energy projects had to be placed in service within four years after the year construction began; however, during the COVID-19 crisis, the IRS provided a one-year extension for renewable energy projects that began construction in 2016 or 2017. See McGuireWoods’ May 29, 2020 alert, “Wind PTC and Solar ITC Gain COVID-19 Construction Relief From IRS.”
There are two ways to determine whether a taxpayer has satisfied the beginning-of-construction requirement under Sections 45 (production tax credit) and 48 (investment tax credit) of the Internal Revenue Code of 1986, as amended. One is if “physical work of a significant nature” has commenced, and the other is if the taxpayer has paid or incurred 5 perc