Earlier this week, on 11-19-20, a bipartisan
bill was introduced in the House of Representatives which would
make the renewable energy investment tax credit (ITC) temporarily
refundable for projects that break ground by the end of 2021 and
would extend the ITC phasedown by one year.
Titled “The Solar Jobs Preservation Act of 2020“, the bill is intended to offset the effects of the COVID-19 pandemic on solar development.
Under the proposed legislation, the ITC would be reduced to 10% by Jan. 1, 2025, a year later than under current law.
We will continue to track this bill and see how the Senate reacts to it, but given the bi-partisan support we would expect to see a positive reaction, that said, who knows given this year.
Duane Morris has an active team of lawyers who engage in the renewables and investment tax credit space. If you have any questions or thoughts, please contact Brad A. Molotsky, Sheila Slocum Hollis, Patrick Morand, Brad Thompson or any of the Duane Morris lawyers you regularly engage with.
Be well and stay safe.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.