The Internal Revenue Service said today that developers will have four years to complete a new wind farm or other renewable energy project and qualify for federal tax credits without having to prove that the construction work was continuous.
The four years will be measured from the end of the year in which construction starts on the project. For example, if construction of a new wind farm started in 2013, then the project must be completed by the end of 2017.
If it takes longer, then the developer will have to prove that work after 2013 was continuous. The IRS made the statement in the first of two new notices expected after Congress extended the deadlines to start construction of new renewable energy projects to qualify for tax credits.
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