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Wednesday, December 31, 2014

Congress retroactively extended the Production Tax Credit

In the final hours of the 113th Congress, President Obama signed into law H.R. 5771, the Tax Increase Prevention Act of 2014. The U.S. House of Representatives and the U.S. Senate passed the measure on December 3 and 16, respectively.

 The law retroactively extended several key business tax provisions through 2014 that had expired at the end of 2013. In particular, the bill provides a one-year extension through the end of 2014 for the federal energy production tax credit (PTC) and a developer’s option to pick the 30%investment tax credit (ITC) in lieu of the PTC. Additionally, the extension lengthens by a year the period where a project is automatically treated as having been continuously under construction, which may provide some relief for larger and more complex projects that may not be complete by the end of 2015.

Congress Extends Energy-Related Tax Provisions Through 2014 – Punts on Longer Term Certainty ~ Energy Finance Report

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