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IRS Clarifies and Eases Renewable Energy Tax Credit Beginning of Construction Standard

In response to numerous questions regarding the application of the continuous construction and continuous efforts tests set out in Notice 2013-29, the IRS has released Notice 2013-60 in which it provides that a qualifying renewable energy facility will be deemed to meet such tests if it is placed in service prior to January 1, 2016 provided that either the Physical Work Test or the 5% Safe Harbor is met. This objective safe harbor is welcome news for developers and investors who were dealing with the uncertainty of interpreting the parameters of the subjective facts and circumstances based tests and should lead to increased investments in such projects as year-end approaches.