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Treasury Announces Intention to Modify Continuity Safe Harbor for Renewable Energy Production Tax Credit, Investment Tax Credit
A letter from the U.S. Department of Treasury to a group of U.S. senators says rules will be issued to modify the continuity safe harbor for the renewable energy production tax credit and investment tax credit. The Treasury letter was in response to an earlier letter from the bipartisan group of senators that asked Treasury to extend the safe harbor from four years to five years for projects that began construction in 2016 or 2017. The senators’ letter said that many developers were unable to meet deadlines required to claim the credits due to interruptions from the COVID-19 pandemic.
For community development, affordable housing and renewable energy updates related to COVID-19, see Novogradac’s dedicated page.