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July 17, 2020

Safe harbour timeframe extension to provide some respite to Covid-19-affected US renewable developer

By Agne Suipyte

The Covid-19 pandemic has caused major supply chain disruptions in the US, leading to halts in renewables development. As the developers faced difficulty in meeting the deadline to start operations of the renewable projects, the Internal Revenue Service (IRS) extended the deadline for these projects by one year. This gives them one additional year for their projects to qualify for the investment tax credit (ITC) and the renewable electricity Production Tax Credit (PTC).

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