• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Corporate News
  • Generation
  • Oil & Gas
  • Regulation
  • Renewable
    • Climate
    • Solar
    • Wind
  • Storage
  • Tech
  • T & D
Energy News Desk Logo

Energy News Desk

Energy News and Data

PTC and the IRS: Safe Harbor Extended One Year

May 28, 2020 by NA Windpower

The Internal Revenue Service has issued Notice 2020-41, which will provide wind power developers with an extra year on top of the existing four-year “continuity safe harbor” for certain projects that began construction in 2016 or 2017.

With Notice 2020-41, if these projects are placed into service in five years, construction will be deemed “continuous,” and the project will still qualify for the production tax credit (PTC).

The IRS recognized that COVID-19 caused industry-wide delays in the supply chain for components needed to complete projects that were otherwise eligible for the PTC.

“This will relieve a traffic jam that had been expected as wind developers rush to finish some 15,000 megawatts of projects facing an end-of-2020 deadline,” law firm Norton Rose Fulbright noted in a bulletin to stakeholders.

Earlier this month, the Treasury Department confirmed that IRS guidance would be forthcoming after a group of senators, led by Senate Finance Committee Chairman Chuck Grassley, appealed to the Treasury for an extension of safe-harbor provisions.

“One additional year of safe harbor for 2016 and 2017 projects provides the flexibility the industry needs to prevent the immediate harms from COVID-19 disruptions, without costing the federal government any additional money,” said AWEA CEO Tom Kiernan, in a statement.

Photo source

0 0 vote

Article Rating

Original source: North American Wind Power

Filed Under: Renewable, Wind

Primary Sidebar

Join The Daily Charge

This week's top 5 stories in your inbox. No spam ever.

Trending

  • Capital Dynamics Sells Majority Stake of Beacon Solar Portfolio
  • Kongsberg Supplying Monitoring Equipment to World’s Largest Floating Wind Project
  • Avangrid Renewables Submits COP for First Phase of Kitty Hawk Project
  • Emerson Agrees to Purchase OSI Inc.
  • The Hampton Roads Alliance Unveils Offshore Wind Initiative
  • LineVision, OSIsoft Partner to Improve Grid Resiliency
  • ECO, Orsted and Eversource Execute Agreement for SOV
  • Texas Oil Boomtowns Devastated by Coronavirus: Photos
  • The University of Maine Collaborates on Floating Offshore Wind Project
  • Cognite, WindSim Partner on Wind Farm Simulation Technology

Footer

Trending

  • Capital Dynamics Sells Majority Stake of Beacon Solar Portfolio
  • Kongsberg Supplying Monitoring Equipment to World’s Largest Floating Wind Project
  • Avangrid Renewables Submits COP for First Phase of Kitty Hawk Project
  • Emerson Agrees to Purchase OSI Inc.
  • The Hampton Roads Alliance Unveils Offshore Wind Initiative

Recent

  • Quick Tips To A Sustainable Future
  • Stem Provides Smart Energy Storage Solutions to Today’s Power
  • EIA's AEO2021 shows U.S. energy-related CO2 emissions rising after the mid-2030s
  • Homeowners associations still a barrier for some would-be solar customers
  • Commentary: With open standards, U.S. can build EV charging infrastructure faster

Search

Contact Us

Write For Us

  • Email
  • Facebook
  • Twitter

Copyright © 2023 · EnergyNewsDesk.com