Recent News

Friday, September 21, 2018

Sens. Tim Scott, R-S.C., and Michael Bennet, D-Colo., on Thursday wrote a letter to U.S. Secretary of the Treasury Steven Mnuchin requesting clarification on whether energy storage technologies qualify for the renewable energy investment tax credit (ITC) when added to an existing ITC-eligible technology. The senators requested that the clarification be included in the Internal Revenue Service’s (IRS’s) 2018-2019 Priority Guidance Plan.

Monday, September 10, 2018

Rep. Kevin Brady, R-Texas, today highlighted the introduction of three bills that he said constitute the Tax Reform 2.0 package from Republicans on the House Ways and Means Committee. None of the bills contain provisions directly impacting affordable housing, community development or historic preservation programs. The legislation will lock in individual and small business tax cuts made in the legislation passed in December 2017, and reform savings- and education-related tax provisions.

Thursday, August 23, 2018

U.S. wind power capacity grew by more than 7,000 megawatts (MW) in 2017 to a nearly 90,000 MW, driven largely by the looming production tax credit (PTC) phasedown, according to the U.S. Department of Energy’s 2017 Wind Technologies Market Report, released by Office of Energy Efficiency and Renewable Energy. The report says Texas remains the leader among states in installed capacity, with Oklahoma and Kansas ranking second and third.

Thursday, August 9, 2018

The Vermont Department of Taxes revised Technical Bulletin 45 to clarify administrative details of the state solar energy investment tax credit (ITC). No functional aspects of the credit were changed, but the bulletin clarifies that the Vermont solar tax credit is 24 percent of the federal ITC and is only available for the Vermont-property portion of the investment.

Wednesday, June 27, 2018

A letter from Sen. Rand Paul, R-Ky., to Treasury Secretary Steven Mnuchin dated May 8 calls for Treasury to withdraw the 2016 continuity safe harbor for the wind production tax credit (PTC) and return it to the 2013 two-year window. The letter also calls for the withdrawal of current Internal Revenue Service (IRS) guidance that allows taxpayers to purchase wind turbines in a PTC-eligible year, then transfer them to a new project in a different year and still qualify for the PTC that was available in the original purchase year.

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