A bipartisan group of senators is urging the
"As the ongoing COVID-19 crisis continues to claim lives and cause economic disruption and uncertainty, it is vital that the government take whatever reasonable steps possible to allay unforeseen burdens on American families and businesses," the senators wrote.
Specifically, the senators are seeking an extension of the "continuity safe harbor" from four years to five years for projects that began construction in 2016 or 2017 under both tax credits. This will provide relief to projects that are near completion, but due to unavoidable setbacks related to the ongoing pandemic are at risk of losing their tax credit eligibility. This will provide the needed certainty for businesses to move forward.
Full text of the letter follows or can be found HERE (https://www.finance.senate.gov/download/grassley-wyden-thune-cantwell-murkowski-manchin-to-treasury_-energy-tax-credits-continuity-safe-harbor).
Secretary of the
As the ongoing COVID-19 crisis continues to claim lives and cause economic disruption and uncertainty, it is vital that the government take whatever reasonable steps possible to allay unforeseen burdens on American families and businesses. In that spirit, we urge you to extend the continuity safe harbor, provided under existing
Under current law, taxpayers seeking to claim a PTC for electricity produced from qualifying facilities or an ITC for qualifying energy property must generally begin construction of the qualifying facility or property by specified dates. Under current
In addition to its severe toll on human lives, the COVID-19 crisis has disrupted supply chains, construction operations, and permitting timelines, delaying projects otherwise on track to be in operation by the end of 2020. While existing
We appreciate your time and attention to this important matter and look forward to your prompt response.