Client Alert

IRS Modifies Guidance on Safe Harbor for Wind Energy Partnerships

September 29, 2009

Michael D. Haun, Kevin Young, and Sean C. Honeywill

On September 21, 2009, the IRS issued Announcement 2009-69 (the 2009 Announcement) to revise portions of a 2007 IRS pronouncement concerning the production tax credit (the PTC) under Section 45 of the Internal Revenue Code of 1986 (as amended) (the Code). The earlier guidance provided a safe harbor for a partnerships allocation of PTCs earned for generating electricity from wind resources. After providing a brief overview of the PTC, our alert details the changes effected by the 2009 Announcement.

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