Recognizing that, in some situations, a plan to develop or
construct a facility or energy property may raise significant
national security concerns, the IRS released Notice 2019-43 (which
may be found here) on July 12, 2019, which provides
that the Continuity Safe Harbor may be tolled and extended under
limited circumstances.
Section 38 of the Code allows certain business credits against
the tax imposed by Chapter 1 of the Code. Among the credits allowed
by § 38 are the investment credit determined under § 46,
including the energy credit under § 48 and the renewable
electricity production credit under § 45(a). The credits under
§§ 45(a) and 48 are referred to as the production tax
credit (PTC) and the investment tax credit (ITC), respectively.
Certain requirements must be satisfied for both the PTC and the
ITC, including beginning construction by beginning physical work of
a significant nature or satisfying the 5% test, as well as
maintaining continuous progress
