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ARTICLE · 20 JANUARY 2021

IRS Offshore Wind Guidance Is Officially Published With A Material Tweak

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On December 31, 2020, the IRS released Notice 2021-05 (the "Notice") on its website, in advance of its official publication. As discussed in our earlier blog post...

United StatesReal Estate and Construction
Jeffrey Davis
Jeffrey Davis
Isaac L. Maron
Isaac L. Maron
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On December 31, 2020, the IRS released Notice 2021-05 (the "Notice") on its website, in advance of its official publication. As discussed in our earlier blog post, the Notice provides favorable guidance for offshore renewable energy projects ("Offshore Projects") and renewable projects constructed on federal land ("Federal Land Projects") and generally allows these projects to be placed into service 10 calendar years after the calendar year during which construction began (the "10-Year Continuity Safe Harbor") without potentially jeopardizing the amount of the PTC (in the case of a wind farm) or the ITC (in the case of wind farm that elects the ITC or a solar project). Under the originally released Notice, only Offshore Projects and Federal Land Projects that require the construction of high-voltage transmission lines to connect the project to the U.S. electrical grid system are eligible for the for the 10-Year Continuity Safe Harbor.

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