Recent News

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.

Monday, June 25, 2018

The Internal Revenue Service today released Notice 2018-59, establishing beginning-of-construction guidance for the renewable energy investment tax credit (ITC) under Section 48 of the Internal Revenue Code. The notice provides two methods for taxpayers to establish the beginning of construction: a physical work test and a 5 percent safe harbor.

Wednesday, June 20, 2018

Two senators asked the Treasury Department to prioritize guidance on construction start dates for solar energy property eligible for the investment tax credit (ITC). Sens. Maria Cantwell, D-Wash., and Dean Heller, R-Nev., sent a letter June 7 asking Treasury to clarify what constitutes “begun construction” for property receiving the ITC.

Monday, April 30, 2018

The amount claimed using the federal renewable energy production tax credit (PTC) and investment tax credit (ITC) declined from 2013 to 2016, according to a report from the U.S. Energy Information Administration.

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