Article

IRS and Treasury Release Notice on New Energy Credits Regulations

Tax Alert

On October 2, 2015, the U.S. Department of the Treasury and the Internal Revenue Service issued Notice 2015-70 requesting comments from the public on future guidance related to the definition of qualifying energy property under section 48 of the Internal Revenue Code (“IRC”). The notice states that the Treasury and IRS “anticipate” the Government will issue new regulations to define certain types of property qualifying for the investment tax credit (“ITC”).

IRS and Treasury Release Notice on New Energy Credits Regulations

This alert describes the evolution of the ITC, information about the timing and scope of any potential future regulations, and potential issues that the Treasury and IRS may attempt to address in such guidance.

Many issues are ripe to be addressed in new guidance, and new regulations would likely significantly impact renewable and other alternative energy projects. Industries that utilize the IRC section 48 ITC should carefully consider issues of importance and prepare to submit filings before the end of the comment period on February 16, 2016.

October 2, 2015
Did you find this useful?