The Internal Revenue Service's June 29 Notice 2021-41 has provided certain relief under the start-of-construction rules for wind and solar projects.
Projects that started construction from 2016 to 2019 now have six years to be completed and retain their start-of-construction vintage, while projects that started construction in 2020 continue to have five years to be completed.
The completion deadline issue dates back to 2013. In the original start-of-construction guidance, provided in Notice 2013-29, once a taxpayer started construction it was obligated to pursue the process continuously until completion of the project.
Read the entire Law360 article written by David Burton.