IRS Provides Guidance On Beginning of Construction for Renewable Energy Projects
16 April 2013
Mayer Brown Legal Update
The US Internal Revenue Service has issued Notice 2013-29, which provides guidance on the “beginning of construction” requirement to qualify for the Section 45 production tax credit, as well as the election to claim the Section 48 investment tax credit. The Notice details two methods for establishing that construction of a qualified facility has begun. We review these two methods and address additional guidance provided in the Notice.