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IRS Clarifies US Energy Production Tax Credit Compliance
Source:
tax-news.com
- Aug 11, 2014
The United States Treasury Department and the Internal Revenue Service (IRS) have issued a notice clarifying what it means to "begin construction" on a project for the purposes of the renewable electricity production tax credit (PTC) or the energy investment tax credit (ITC).
Under the American Taxpayer Relief Act of 2012, taxpayers can claim the PTC or the ITC for certain renewable energy facilities if construction began before January 1, 2014.
" With today's guidance, businesses that are investing in renewable energy projects have the clarity they need to qualify for important tax credits designed to help spur innovation in this sector," said Emily McMahon, Deputy Assistant Secretary for Tax Policy. "With the support of these credits, growth in the production of renewable energy will help support a clean energy economy, reduce our reliance on oil and cut greenhouse gas pollution."
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Category: IRS
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