Chadbourne & Parke

IRS May supplement — start-of-construction guidance

The Internal Revenue Service (IRS) has had a flood of calls about a suggestion that turbine supply agreements and other con­struction or equipment contracts should not have liquidated damages provisions. The suggestion was in guidance the IRS issued this week about what renewable energy developers must do by year end to be considered to have started construction of new projects. Wind, geothermal, biomass, landfill gas, incremental hydroelectric and ocean energy projects that are under construction by year end qualify for production tax credits for 10 years on the electricity output or an investment tax credit upon completion for 30 per cent of the project cost.

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