In a move to provide relief for taxpayers developing renewable energy projects and producing electricity from sources such as wind, biomass, geothermal, landfill gas, trash, and hydropower, the IRS has issued Notice 2020-41 which adds an extra year to the four year “Continuity Safe Harbor” for certain projects that began construction in 2016 or 2017.
The notice also provides relief for 3.5 month rule for receipt of services.
Full text of the publication is available here.
Husch Blackwell’s Energy and Natural Resources Team will continue to monitor developments related to the COVID-19 outbreak and its impact on the energy industry. If you have any questions concerning IRS Notice 2020-41, please contact John Crossley or your Husch Blackwell attorney.