Start-Of-Construction Update Should Benefit Clean Energy
Law360, New York (May 27, 2016, 11:34 AM EDT) -- Jeffrey G. Davis
David K. Burton
Anne S. Levin-Nussbaum
On May 5, 2016, the U.S. Internal Revenue Service released Notice 2016-31 (available here) to update previous IRS "start of construction" guidance in light of the extension (at the end of 2015) of the renewable electricity production tax credit (PTC) under Section 45 of the Internal Revenue Code of 1986, for electricity produced by qualifying wind, hydropower, geothermal, biomass or trash projects (PTC projects) that begin construction before 2017, and a gradually phased out PTC in the case of qualifying wind facilities that begin construction after 2016 but before 2020.
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