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IRS Establishes Beginning-of-Construction Guidance for Section 48 ITC

Monday, June 25, 2018 - 9:30AM

The Internal Revenue Service today released Notice 2018-59, establishing beginning-of-construction guidance for the renewable energy investment tax credit (ITC) under Section 48 of the Internal Revenue Code. The notice provides two methods for taxpayers to establish the beginning of construction: a physical work test and a 5 percent safe harbor. The guidance also provides a continuity requirement for both methods, rules for transferring energy property and additional rules applicable to the beginning-of-construction requirement of Section 48.

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