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ARTICLE · 03 JULY 2018

ITC Beginning Of Construction Guidance

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On June 22, 2018, the US Internal Revenue Service ("IRS") released Notice 2018-59 ("Guidance"). The Guidance provides rules to determine when construction begins with respect ...

United StatesReal Estate and Construction
David Burton
David Burton
Jeffrey Davis
Jeffrey Davis
Isaac L. Maron
Isaac L. Maron
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On June 22, 2018, the US Internal Revenue Service ("IRS") released Notice 2018-59 ("Guidance"). The Guidance provides rules to determine when construction begins with respect to investment tax credit ("ITC") eligible property, such as solar projects. The Guidance was much awaited by the solar industry because the date upon which construction begins governs the determination of the percentage level of the ITC, which is ratcheted down for projects that begin construction after 2019.

In addition to applying to solar (and fiber-optic solar), the Guidance applies to the following energy generation technologies: geothermal, fuel cell, microturbine, combined heat and power, and small wind.

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