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Congressional Research Service Releases PTC Report

WASHINGTON – Oct. 23, 2014

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The Congressional Research Service (CRS) this month released a report that analyzes the renewable energy production tax credit (PTC). The report, “The Renewable Electricity Production Tax Credit: In Brief,” analyzes points including the cost of extending the PTC and the benefits it creates, examines economic and policy considerations, and outlines current policy options and proposals for the PTC.

Join Novogradac & Company LLP at the Novogradac Financing Renewable Energy Conference in Washington, D.C., Nov. 6-7, to learn more about the future of the PTC and other key renewable energy topics. 

Bill Would Extend PTC, ITC

WASHINGTON – Sept. 23, 2014

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Reps. Earl Blumenauer, D-Ore., and Dave Loebsack, D-Iowa, last week introduced the Bridge to a Clean Energy Future Act of 2014. H.R. 5559 would extend the wind production tax credit (PTC) through 2016 and extend the investment tax credit (ITC) for solar properties that begin construction before 2017. It was referred to the House Committee on Ways and Means.

Tune in to the Sept. 30 Tax Credit Tuesday podcast to learn more about H.R. 5559.

IRS Clarifies Guidance for PTC, ITC Developments

WASHINGTON – Aug. 11, 2014

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The Internal Revenue Service (IRS) recently released Notice 2014-46, clarifying Notices 2013-29 and 2013-60, regarding how to satisfy the physical work test and the ability to transfer a facility after construction has begun for purposes of the production tax credit (PTC) or investment tax credit (ITC). Notice 2014-46 states that a fully or partially developed facility may be transferred without losing its qualification under the physical work test or the safe harbor for purposes of the PTC or ITC. In addition, the notice modifies the application of safe harbor for certain facilities where a taxpayer paid or incurred less than 5 percent, but at least 3 percent, of the total cost of the facility before Jan. 1, 2014.

Tune in to the Aug. 19 Tax Credit Tuesday podcast to learn more about Notice 2014-46. 

IRS Clarifies Effect of Sequestration on Section 1603 Recipients

WASHINGTON – June 10, 2014

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The Internal Revenue Service (IRS) today released a notice clarifying the effect of sequestration on Section 1603 renewable energy cash grant recipients. Notice 2014-39 states that the Section 1603 payment resulting from sequestration during the affected time period does not affect the amount of the Section 1603 award or the basis of the specified energy property used for determining the award. As a result, taxpayers may not partition the basis of a property to claim both a Section 1603 award and either the renewable energy investment tax credit (ITC) or the production tax credit (PTC). However, under section 48(d)(3)(B), a taxpayer must reduce the basis of the specified energy property by 50 percent of the amount of the actual Section 1603 payment.  

Bill Would Expand ITC for Distributed Wind Projects

WASHINGTON – June 4, 2014

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Reps. Earl Blumenauer, D-Ore., and Tom Cole, R-Okla., last week introduced a bill that would increase the energy capacity for distributed wind projects in rural areas that qualify for the investment tax credit (ITC).  The Rural Wind Energy Expansion Act of 2014 (H.R. 4761) would increase the maximum capacity for small wind turbines that qualify for the credit from 100 kilowatts to 20 megawatts.

Tune in to next week’s Tax Credit Tuesday podcast to learn more about H.R. 4761.  

Amendments Proposed to Extend, Clarify ITC

WASHINGTON – May 19, 2014

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Sen. Tom Carper, D-Del., last week led a bipartisan group of legislators in filing two proposed amendments to the Senate tax extenders bill that would extend and clarify the renewable energy investment tax credit (ITC). The first amendment would provide a long-term extension of the30 percent renewable energy ITC for the first 3,000 megawatts of qualifying offshore wind projects. It is the same text as S. 401, the Incentivizing Offshore Wind Power Act. The second amendment would clarify previous legislation to ensure that waste heat to power technology is eligible for the ITC under Section 58 of the tax code. The amendments would apply to Senate Amendment 3060, which proposes substituting the text of H.R. 3474 with a Senate tax extenders package. 

IRS Proposes Regulations Related to REIT Rules for Renewable Energy

WASHINGTON – May 12, 2014

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The Internal Revenue Service (IRS) last week issued proposed regulations intended to clarify the treatment of renewable energy installations in real estate investment trusts (REITs). This clarification is expected to help to promote investment in the renewable energy sector. A public hearing is scheduled for Sept. 18 and the IRS will accept comments and requests to speak at the hearing until Aug. 12.

Tune in to tomorrow’s Tax Credit Tuesday podcast to hear more about the proposed regulations.

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