The IRS recently issued highly anticipated guidance updating the “beginning of construction” requirement for the production tax credit (PTC) under Section 45 of the Internal Revenue Code (the Code) and the investment tax credit (ITC) under Section 48 of the Code.
IRS wind projects win over $206 million in section 1603 grant litigation
With 386 GE and Vestas turbines, the facility is comprised of: Alta I (150 MW), Alta II (150 MW), Alta III (150 MW), Alta IV (102 MW), Alta V (168 MW), Alta X (137 MW) and Alta XI (90 MW).
PTC “start of construction” clarifying guidance expected in a week or two
This article, from law firm Akin Gump, is authored by David K. Burton. General Electric stated on its quarterly earnings call late July 2014 that it expected that the clarification to the Internal Revenue Service’s (IRS) production tax credit (PTC) “start of construction” guidance would be released in the next week or two, by early…
IRS announces inflation adjustment for Production Tax Credits
The following article comes from law firm Troutman Sanders and is authored by Craig M. Kline and David B. Weisblat The Internal Revenue Service has released the adjustment factors and reference prices for 2013 to be used in determining the availability of the section 45 credits for the production of renewable energy and the production…
IRS to audit Section 1603 Treasury Grant Payments
This article comes from law firm Troutman Sanders LLC The IRS has taken the position that in the course of an audit of a taxpayer’s return, it has the authority to challenge the amount of a Section 1603 Treasury cash grant previously paid to the taxpayer in the year under audit. This comes as a…