IRS CLARIFIES BEGINNING OF CONSTRUCTION REQUIREMENTS
The Internal Revenue Service (IRS) issued a notice last week to clarify beginning of construction requirements for the renewable energy production tax credit (PTC) or the investment tax credit (ITC). Notice 2013-60 provides a method for taxpayers to satisfy both the continuous construction and continuous efforts tests. It also makes the master contract provision in Notice 2013-29 applicable for safe harbor purposes and allows taxpayers to transfer a facility after construction has begun without disqualifying it for the PTC or ITC.
To discuss these requirements, join Novogradac & Company in Washington, D.C. for the Novogradac Financing Renewable Energy Conference, Nov. 7-8.