Last week, a group of U.S. Senators submitted a letter requesting swift clarification by the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) of language regarding the wind production tax credit (“PTC”) under Internal Revenue Code Section 45 (“Section 45”). The letter addressed the recent change in the Section 45 language that was added when the PTC was extended for a year by the American Taxpayer Relief Act of 2012 (“Taxpayer Relief Act”). 
Continue Reading Bipartisan Group of Senators Wants Clarification of “Commencement of Construction” Under the Wind PTC

By Donald T. Ross

A critical component of the American Recovery and Reinvestment Tax Act of 2009 (a.k.a. the Stimulus) is the Department of Treasury’s (“Treasury”) Payments for Specified Energy in Lieu of Tax Credits.  Rather than claim a tax credit based on placing certain specified energy property in service, applicants receive a cash grant directly from the United States Treasury during the year in which the property is placed in service.  As with most targeted government incentives, the devil is in the details, particularly as to the timing of the project.
Continue Reading Stimulus Grants for Renewable Energy Projects: How to Make Sure Your Project Qualifies