Clarifying The 5% Safe Harbor For Renewable Energy
January 10, 2012, 12:24 PM EST
Law360, New York (January 10, 2012, 12:24 PM EST) -- The U.S. Department of the Treasury has issued two new “Frequently Asked Questions” (FAQ) addressing when transferees or purchasers of renewable energy property, or entities owning renewable energy property, will be deemed to have “stepped into the shoes” of the prior owner for purposes of the 5 percent safe harbor under the grant in lieu of investment credits pursuant to Section 1603 of the American Recovery and Reinvestment Tax Act of 2009.
The grant enables renewable energy projects to receive cash payments equal to 30 percent...
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