On December 20, 2017, the U.S. House of Representatives voted to send the Tax Cuts and Jobs Act (the “Act”) to the president for his signature, which is the final step required to make the Act effective. What does the final bill mean for the renewable energy industry? The Investment Tax Credit (“ITC”) and the Production Tax Credit (“PTC”) appear to remain unchanged (for now) and the Base Erosion and Anti-Abuse Tax (aka, the BEAT or International AMT) in the final version of the Act is better for the renewables industry than in previous iterations. Nevertheless, a handful of other provisions may significantly impact the renewable energy industry.
How is big business putting wind to work? Why does it make financial sense? This event, presented by The Seminar Group, will explore answers to these questions and discuss the status of wind power development in the west, wind power siting, utility perspectives of renewables, Cal ISO expansion, and equity financial structures and tax considerations.
Portland partner Bill Holmes is serving as Program Chair for this progrm Thursday, May 4 at the World Trade Center in Portland, Oregon.
In addition, Seattle partner David Benson will serve as a faculty member for the program.
Bill will present on the Status of Wind Power Development in the West and David will speak on a panel covering Equity, Financial Structures and Tax Considerations.
To learn more about this event and register, click here.
On May 5, the U.S. Treasury Department released Notice 2016-31 to address certain changes made to the Production Tax Credit (“PTC”) and Investment Tax Credit (“ITC”) in the Protecting Americans from Tax Hikes (“PATH”) Act of 2015, Pub. L. No. 114-113, Div. Q. The Notice generally extends the application of the “beginning of construction” and “continuous construction” requirements set forth in Notices 2013-29, 2013-60, 2014-46, and 2015-25, and also favorably modifies several key factors of both requirements. In addition, on May 18, the U.S. Treasury Department released a revised version of Notice 2016-31, which states that the provisions of Notice 2016-31 apply to any project for which a taxpayer claims the PTC or, via Code Section 48(a)(5), the ITC, that is placed in service after January 2, 2013.