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Monday, September 21, 2009 - 5:30AM

The Internal Revenue Service today published Announcement 2009-69 making changes to Revenue Procedure 2007-65. Revenue Procedure 2007-65 established safe harbor requirements for the allocation of Section 45 wind energy production tax credits by partnerships. Announcement 2009-69 makes three changes: it expands the rights of developers and owners to enter into agreements for the purchase of the wind energy property owned by the partnership, permitting a purchase price determined prior to exercise if the parties reasonably believe that the price will not be less than the fair market value of the energy property at the time the right may be exercised; it clarifies how Section 469 applies to credits generated by wind energy facilities; and it clarifies that the revenue procedure only provides safe harbor requirements. Click here for a copy of the announcement.

To learn more about what this guidance means for wind energy partnerships, join Novogradac & Company for the Financing Renewable Energy Conference on November 11-12 in Washington, D.C.

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