IRS Clears The Air For Beginning Construction

Law360, New York (September 30, 2013, 5:52 PM ET) -- On Jan. 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012[1] which, among other things, extended the 2.3 cent-per-kilowatt-hour production tax credit (PTC)[2] and the 30-percent investment tax credit (ITC)[3] to qualifying wind and other renewable energy facilities (excluding solar, for which the ITC is available for systems placed in service prior to Jan. 1, 2017), the construction of which begins before Jan. 1, 2014.[4]

On April 15, 2013, the Internal Revenue Service published Notice 2013-29, providing guidance on what it means to “begin construction”...
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