Solar Energy and Tax Credits: Effective Tax Planning Guide in 2019
The Energy Policy Act of 2005 instituted the federal solar tax credit or investment tax credit (ITC) that deducts 30% of the cost of solar energy system to a person’s federal tax regardless of the energy system’s nature – be it residential or commercial. The original ITC requirement for the system to be operational before claiming the tax credit has been revoked and updated with the recent legislation where it allows taxpayers to claim the tax credit as soon as the construction starts. Thus, mitigating the risk of missing the deadlines set by the Internal Revenue Service (IRS) and creating better financing mechanisms for project sponsors.
With the series of extensions and recent updates in regulatory guidelines and requirements set by the IRS, in-depth understanding of the legal know how’s and how to’s is imperative to ensure effective tax planning and maximized opportunities presented by the ITC.
In this LIVE Webcast, a panel of distinguished professionals and thought leaders will help taxpayers, project sponsors, financers and solar energy system advocates, understand the important aspects of this significant topic. They will provide an in-depth discussion of the Federal Solar Tax Credit and the IRS’ guidelines. Speakers will also offer best practices in developing and implementing an effective tax planning guide.
Key topics include:
- Energy Policy Act of 2005: Then and Now
- Investment Tax Credit: Framework and Legal Intricacies
- The Commence Construction Clause and Other Regulatory Updates
- Tax Planning Guide: Maximizing Opportunities with the ITC
- Federal Solar Tax Credit in the Years to Come
Stoel Rives LLP
Stoel Rives LLP
- 2019 is a crucial year for solar energy. In order to qualify for the full (30%) ITC, solar developers must “begin construction” on projects before January 1, 2020. Construction begun later, will mean a reduced (or perhaps no) ITC.
- Therefore, developers need to act now to secure their position in the queues of various component suppliers.
- The IRS has identified two ways in which solar developers can begin construction: (1) the “Physical Work” test; and (2) the 5% Safe Harbor test. Although these tests have been around for a while, there is still considerable confusion about many of their requirements.
- We will discuss the technical and practical requirements for meeting the beginning construction test.
- We also will discuss the related “continuity” requirement, its safe harbor, alternatives to the safe harbor, and what it means if the continuity requirement is not met.
Who Should Attend:
- Tax Practitioners and Professionals
- Tax Directors
- Tax Managers
- Tax Compliance Officers
- Tax Accountants
- In-House Counsel
- Tax Attorneys, Consultants and Advisers
- Senior Management
- Top Level Management
- Solar Energy Related Companies
- Solar Energy Advocates
- Private Companies
- Other Related/Interested Individuals
Greg Jenner advises and represents clients on a wide range of tax transactions and issues. He heads the firm’s Washington, D.C., office, is a partner in the tax practice group and is a past co-chair of the firm’s energy team. Greg first came to Stoel Rives out of law school, returning to the firm in 2008 after three tours of duty in the government and significant private practice experience.
Greg has had broad experience in virtually all federal tax matters, with particular focus on planning and implementing complex tax-related transactions, partnerships and joint ventures. At Stoel Rives, Greg has increasingly focused on planning for renewable energy projects.
As the prospect for fundamental tax reform in 2017 increases, Greg will be focusing more of his efforts on the various proposals and their effects on various industries and sectors.
Greg Jenner advises and represents clients on a wide range of tax transactions and issues. He heads the firm’s Washington, …
Kevin is a partner and the chair of the firm’s Executive Committee. His practice focuses principally on federal income tax law, including both transactional matters and tax controversy matters. As part of his transactional practice, Kevin regularly advises clients regarding all aspects of corporate taxation, including taxable and tax-free mergers and acquisitions, debt and equity offerings and other corporate finance transactions, consolidated return issues, and general corporate tax issues. He also regularly represents clients with respect to partnership, S corporation and limited liability company transactions and tax issues, as well as choice-of-entity issues, tax accounting issues, and general tax planning issues. Kevin frequently represents clients in renewable energy financing transactions, particularly those involving the federal production tax credit. In addition, Kevin advises both taxable and tax-exempt health care clients with respect to all types of tax, business and financial matters. As part of his tax controversy practice, Kevin regularly represents taxpayers in IRS audits and administrative appeals, deficiency litigation in the U.S. Tax Court, and refund litigation in U.S. District Courts and the U.S. Court of Federal Claims.
Kevin is a partner and the chair of the firm’s Executive Committee. His practice focuses principally on federal income tax …
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Method of Presentation:
General knowledge of tax laws
NY Category of CLE Credit:
Areas of Professional Practice
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About Stoel Rives LLP
Stoel Rives LLP is a leader in energy, environmental, natural resources, corporate, intellectual property, litigation, land use and construction law. With more than 350 firmwide attorneys operating out of 10 offices in seven states and the District of Columbia, Stoel Rives boasts one of the largest energy law practices based in the United States. Nationally recognized by independent research publications Chambers USA and U.S. News – Best Lawyers® “Best Law Firms” as a top energy practice, the firm has been at the forefront of the incredible growth of energy services over the last 15 years. Stoel Rives offers diverse services in the renewable energy sector, including corporate and industrial power purchase agreements, equity offerings, debt and project finance, development agreements, mergers and acquisitions, tax credit financing, regulatory and strategic business plan development.