IRS INVITES COMMENTS ON NOTICE 2009-52
The Internal Revenue Service (IRS) today invited comments on Notice 2009-52, Election of Investment Tax Credit in Lieu of Production Tax Credit. Notice 2009-52 provides a description of the procedures that taxpayers must follow to elect the investment tax credit for energy property under Sec. 48 of the Internal Revenue Code in lieu of the production tax credit under Sec. 45. This election was created by the American Recovery and Reinvestment Act of 2009 (Recovery Act). The notice also discusses the coordination of this irrevocable election with an election to take a Department of Treasury grant for specified energy property under Section 1603 of the Recovery Act. No changes to the form have been proposed. Comments on Notice 2009-52 will be accepted through Dec. 17.