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IRS Updates Beginning of Construction Guidance for ITC, PTC

Wednesday, May 18, 2016 - 10:00AM

The Internal Revenue Service (IRS) today released an update to Notice 2016-31, which was originally released May 5 to clarify guidance on the begin-construction date for the renewable energy investment tax credit (ITC) and production tax credit (PTC). The update modifies the deadline for the continuity safe harbor in Section 3, corrects a math error in the example Section 6.02(1) and states that the guidance is effective for projects that are placed in service after Jan. 2, 2013. 

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