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Treasury, IRS provide relief for those developing renewable energy projects offshore or on federal land

Monday, January 04, 2021

 

WASHINGTON –The Treasury Department and the Internal Revenue Service today issued guidance PDF providing an extension of the safe harbor for taxpayers developing renewable energy projects offshore or on federal land.

Renewable energy projects constructed offshore or on federal land are ordinarily subject to significant delays that can result in project completion times of up to twice as long as other renewable energy projects. These delays threaten taxpayers’ ability to satisfy requirements to claim the production tax credit and the investment tax credit.

To address this hurdle, the Treasury Department and the IRS have determined that it is necessary to extend the safe harbor period to up to 10 calendar years after the year in which construction of the project began.

By extending the safe harbor for these projects, Notice 2021-5 will provide flexibility for taxpayers constructing renewable energy projects offshore or on federal land to satisfy the beginning of construction requirements despite ordinary course delays that threaten their ability to claim tax credits.

 

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