On Dec. 21, 2020, Congress passed a COVID-19 relief bill (the Consolidated Appropriations Act, 2021) including the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which would provide much-anticipated extensions to critical alternative energy tax credits (including those for wind and solar projects) certain of which were on the brink of expiring. Generally, the bill provides for one- to two-year extensions depending on the energy generated from the project and modifies existing tax credit phasedown schedules provided in the Internal Revenue Code (the Code).
Continue reading the full GT Alert, “Taxpayer Certainty and Disaster Tax Relief Act of 2020: Spotlight on the Proposed Extensions of Certain Alternative Energy Tax Credits.”