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Senators urge IRS to clarify rules for renewable energy production tax credit


From the March 11, 2013 issue of Public Power Daily

Originally published March 11, 2013

By Robert Varela
Editorial Director
A bipartisan group of 17 senators has urged the Internal Revenue Service (IRS) to quickly clarify rules relating to the renewable energy production tax credit that was extended in the American Taxpayer Relief Act last year. In a March 6 letter, the senators said "a lack of clear IRS guidance regarding the construction threshold and criteria necessary to claim the incentives may soon result in uncertainty among potential investors."

The legislation modified the renewable energy production tax credit and investment tax credit to apply to projects that have "commenced construction" instead of projects that have been "placed-in-service." Quick action by the IRS would "allow all projects begun before 2014 to take advantage of the provision," said the senators, led by Michael Bennet, D-Colo., and Jerry Moran, R-Kan. Also signing the letter were Sens. Mark Udall, D-Colo., Christopher Coons, D-Del., Jeff Merkley, D-Ore., Ron Wyden, D-Ore., Heidi Heitkamp, D-N.D., Sherrod Brown, D-Ohio, Maria Cantwell, D-Wash., Tim Johnson, D-S.D., Jeanne Shaheen, D-N.H., Angus King, I-Maine, Amy Klobuchar, D-Minn., Sheldon Whitehouse, D-R.I., Al Franken, D-Minn., Jack Reed, D-R.I., and Barbara Boxer, D-Calif.

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