What To Know About IRS' 'Begun Construction' Tests

Law360, New York (April 22, 2013, 1:37 PM EDT) -- On April 15, 2013, the Internal Revenue Service published Notice 2013-29, providing two new "begun construction" tests, at least one of which must be passed before the end of 2013 in order for projects that generate electricity from wind, geothermal, biomass, landfill gas, municipal solid waste, hydroelectric production and marine and hydrokinetic energy (I’ll call these “grandfathered technologies”) to qualify for a production tax credit (PTC) or investment tax credit (ITC).

While these tests are very similar to the Section 1603 grant-in-lieu-of-tax-credit rules published by the...
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