BIPARTISAN GROUP URGES IRS TO CLARIFY PTC RULES
U.S. Sens. Michael Bennet, D-Colo., and Jerry Moran, R-Kan., this week led a bipartisan group of senators, asking the Internal Revenue Service (IRS) to clarify rules relating to the renewable energy production tax credit (PTC) as extended by H.R. 8, the American Taxpayer Relief Act. In a letter to Neal S. Wolin, acting secretary of the Department of the Treasury, and Steven T. Miller, acting commissioner of the IRS, the lawmakers express concern that a lack of clarity regarding the construction threshold and criteria necessary to claim the PTC may result in uncertainty among potential investors. In addition, because the PTC was only extended for one year, the letter emphasizes the need for timely guidance.