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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 requirement for taking the production tax credit and the investment tax credit (Continuity Safe Harb...
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 projects was extended by two years to December 31, 2025, we expect that developers of projects that...