IRS Continuity Safe Harbor Will Aid Renewable Projects

Law360 (January 13, 2021, 5:40 PM EST) -- On Dec. 31, 2020, the U.S. Department of the Treasury and the Internal Revenue Service issued Notice 2021-05, which provides relief for offshore renewable energy projects and renewable projects constructed on federal land.[1]

Specifically, the notice allows the continuity safe harbor — defined below — to be satisfied for projects constructed offshore or on federal land if they are placed into service no more than 10 calendar years after the calendar year during which construction began.

This relief is expected to provide additional certainty for taxpayers developing projects offshore or on federal land, given the significant construction delays often associated with such...

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