Friday, January 18, 2013

Treasury, IRS preparing guidance to clarify renewable credit eligibility


 lawmakers extended the credit to projects that start construction by Dec. 31, 2013, rather than requiring them to be “in service” by that date, as had previously been required.

By Nick Juliano, E&E reporter  
 January 16, 2013
The Treasury Department and IRS are preparing joint guidance to flesh out the implications of a significant tweak to a key renewable energy tax cut that was signed into law this month, an official said yesterday.
The timing of the guidance on the new eligibility requirements for the production tax cut remains unclear. Treasury and IRS need to determine how exactly to define when wind and other renewable energy developers can claim the credit after Congress approved a change to its eligibility requirements. 

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