On June 22, 2018, the IRS released guidance to assist developers and owners of solar energy projects in determining the “beginning of construction” for solar energy projects for purposes of the Investment Tax Credit (ITC) under Section 48 of the Internal Revenue Code. In extending the ITC in 2015, Congress changed the previous “placed-in-service” standard for qualification for the credit to a “beginning of construction” standard for projects completed by the end of 2023. Projects beginning construction in 2019 will receive the current 30% ITC, while projects beginning construction in 2020 and 2021 will receive 26% and 22%, respectively. After… Read more