Tuesday, December 23, 2014


Tax Extenders Signed into Law; Production Tax Credit Extended for Facilities Beginning Construction in 2014 (JD Supra)

Yesterday, President Obama signed the Tax Increase Prevention Act of 2014 (H.R. 5771) into law, following its passage through Congress on Tuesday. Among other things, the act will provide a one-year retroactive extension of certain expired tax incentives for businesses and individuals.

The act includes the extension of numerous energy tax provisions. Notably, it will revise the Section 45 production tax credit (PTC) such that facilities for which construction has begun prior to January 1, 2015, will be eligible for the PTC, including wind facilities, closed biomass facilities, open-loop biomass facilities, geothermal or solar energy facilities, landfill gas facilities, trash facilities, qualified hydropower facilities, and marine and hydrokinetic renewable energy facilities. If construction of these facilities begins prior to January 1, 2015, taxpayers may alternatively elect to claim the investment tax credit (ITC).

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