On August 15, 2025, the IRS and the Treasury Department released Notice 2025-42 (the Notice), providing critical guidance on the beginning of construction requirements for wind and solar facilities in light of the One Big...more
On August 15, 2025, the US Department of the Treasury and the Internal Revenue Service (the “IRS”) issued Notice 2025-42 (the “August 2025 Notice”), providing critical guidance on the determination of when construction begins...more
Wind and solar projects seeking to begin construction before July 4, 2026, must meet stricter qualification criteria for some tax incentives....more
The renewable energy sector faces significant regulatory changes following the enactment of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025. Through IRS Notice 2025-42, issued under Executive Order 14315, the Treasury...more
The Internal Revenue Service ("IRS") has issued Notice 2025-42 to implement the One Big Beautiful Bill Act ("OBBBA") mandate to phase out the clean electricity production tax credit (§ 45Y) and investment tax credit (§ 48E)...more
On August 15, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2025-42, which provides guidance on the beginning of construction requirement as it relates to the new credit termination...more
The IRS on Aug. 15, 2025, released Notice 2025-42, which provides new guidance on how taxpayers can establish that they have begun construction of a wind or solar facility for purposes of determining whether such facility is...more