Renewables Will Face Standard Audits In Tax Credit Program

Law360, New York (October 2, 2013, 3:13 PM EDT) -- The Internal Revenue Service hasn't increased its efforts to ensure renewable energy developers have begun construction of their facilities by 2014 to qualify for popular tax credits, but facilities should prepare for standard audits if the government suspects noncompliance, a top IRS attorney told a House committee Wednesday.

Under the credits scheme, renewable electric energy companies will be eligible in 2014 for a production tax credit or an energy investment tax credit if they start significant physical construction work this year or spend more than 5...
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