IRS Notice 2016-31: Beginning construction under the PATH Act

By Michelle Froese Knowledge it key. The IRS released Notice 2016-31 clarifying the circumstances under which a taxpayer has officially begun construction under the PATH Act. To meet these requirements, it is important taxpayers are mindful of the timeframe, activities, and expenses conducted at or with respect to a new wind facility.
By Leah Karlov, Tax Partner & Michael Goon, Tax Associate Milbank, Tweed, Hadley & McCloy LLP
On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act),1 which extended the production tax credit (PTC) under section 45 of the Internal Revenue Code (the

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