Greentech Media, Solar Power World Quote Greg Jenner on Options for Helping Renewables Industry Weather COVID–19 Pandemic

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Tax attorney Greg Jenner is quoted extensively by Greentech Media in an article titled “How to Give Certainty to US Renewables Regardless of a Stimulus Package,” published March 24, 2020, and in Solar Power World in an article titled “Clean energy sector asks Congress for tax credit extension and other aid,” published March 19, 2020. The articles discuss a possible means to alleviate uncertainty caused by the COVID–19 pandemic for the renewable industry with respect to the applicability of federal tax credits for wind and solar projects.

A push by renewable energy groups to include extensions of the Production Tax Credit (PTC) for wind and Investment Tax Credit (ITC) for solar as well as “direct pay” provisions in the nearly $2 trillion coronavirus stimulus bill was in part a reason for the legislation’s initial failure in the U.S. Senate. The bill was passed in late March without addressing the tax credits.

Many, including Jenner, believe another option is available — for the IRS to provide a clarification that existing law protects projects from losing access to those credits if supply disruptions prevent them from meeting deadlines.

In a statement, Jenner said:

“The easiest ‘solution’ would be for the IRS to announce that delays in deliveries on account of Covid–19: (1) will be considered an excusable disruption and will, therefore, not cause a taxpayer to not comply with the continuity safe harbor; and (2) will not be treated as causing the taxpayer to not comply with the requirements of the “3 ½ month rule” under Treas. Reg. § 1.461-4(d)(6)(ii).

“There are lot of double negatives in that, but that’s the way IRS would likely write it. It would be great if the organizations would focus their efforts on administrative fixes first (easier) than trying to pile onto a Christmas tree bill.”

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