Legal Alert: IRS extends continuity safe harbor for renewable energy projects
Posted on Jun 30, 2021 in Energy Tax, Legal Alerts
On June 29, 2021, the IRS issued Notice 2021-41, which provides a further extension of the continuity safe harbor and revises the “facts and circumstances” rules:- For PTC and ITC-eligible projects for which construction began in calendar years 2016 through 2019, the continuity safe harbor is extended to six years.- For PTC and ITC-eligible projects for which construction began in...
Legal Alert: FY 2022 Green Book goes big for green energy
Posted on Jun 1, 2021 in Energy Tax, Legal Alerts
On May 28, 2021, Treasury released the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, more commonly referred to as the Green Book. The issuance of the Green Book provides further detail on the White House’s American Jobs Plan, one of the major proposals in the development of an infrastructure bill. The Green Book’s release comes as Congress works...
Illinois General Assembly passes $42 billion budget with several key tax provisions
Posted on Jun 1, 2021 in State and Local Tax
On Memorial Day, and stretching into the early hours of June 1, the Illinois Legislature approved the state’s $42 billion budget for fiscal year 2022. It is anticipated that the budget’s tax provisions are expected to generate more than $600 million in additional revenue by addressing what governor J.B. Pritzker and others in the General Assembly have deemed corporate tax “loopholes.”...