Woodland Hills, CA (PRWEB) April 22, 2013
On April 15, 2013, the IRS released a notice to provide additional guidance on the “beginning of construction” requirement that is a key qualifier for renewable energy projects looking to take advantage of the production tax credit (the PTC), or to claim the Section 48 investment tax credit (the ITC).
The American Taxpayer Relief Act of 2012 changed the existing in-service date was prior to January 1, 2014, with a requirement that construction of the facility having to begin before this date. This modification applies to wind, biomass, geothermal, landfill gas, municipal solid waste, qualified hydropower and marine and hydrokinetic facilities that claim the PTC, or that instead elect to claim the ITC.
The “under construction” guidance is similar to the requirement under the Treasury Department Section 1603 Grant program enacted as part of ARRA, with two methods available to establish that construction has started. However, there are differences and nuances from the 1603 approach.
To help renewable energy project developers and financiers to understand these vital new requirements B2BWebinars.net is presenting "IRS Issues New Rule on 'Start of Construction' for PTCs/ITCs" webinar. Join John J. Marciano, III, a senior representative from Chadbourne & Parke LLP, as he discusses in depth the new rules and what they mean for the industry.
For more information or to register, visit http://www.b2bwebinars.net/ptcweb or call 818-888-4444.