IRS Unveils Guidance on Facilities Eligible For Renewable Electricity, Energy Credits

The Internal Revenue Service unveiled guidance April 15 on a tax credit for facilities eligible for the renewable electricity production tax credit or the energy investment tax credit under the American Taxpayer Relief Act of 2012 (Pub. L. No. 112-240).

IRS explained that the credits are available if construction of the facility begins before Jan. 1, 2014. In Notice 2013-29, IRS provided guidelines and a safe harbor to determine when construction has begun on such a facility.

The notice provides two methods that a taxpayer may use to establish that construction of a qualified facility has ...