Transcription of SECTION 1. PURPOSE - irs.gov
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SECTION 1. PURPOSE - irs.gov
Beginning of construction for the Investment Tax Credit under SECTION 48 notice 2018-59 SECTION 1. PURPOSE On December 18, 2015, the Consolidated Appropriations Act, 2016, Pub. L. No. 114-113, Div. P, Title III, 303, 129 Stat. 2242, extended and modified the investment tax credit (ITC) under 48 of the Internal Revenue Code (Code). As modified, 48 phases down the ITC for solar energy property the construction of which begins after December 31, 2019, and before January 1, 2022, and further limits the amount of the 48 credit available for solar energy property that is not placed in service before January 1, 2024. On February 9, 2018, the Bipartisan Budget Act of 2018, Pub. L. 115-123, Div. D, Title I, 40411, 132 Stat. 150 (BBA 2018), modified the ITC under 48 by replacing the requirement to place energy property in service by a certain date with a requirement to begin construction by a certain later date. Prior to the modification, energy property was required to be placed in service by a certain date (before January 1, 2016, or January 1, 2017, depending on the type of energy property).
Beginning of Construction for the Investment Tax Credit under Section 48 . Notice 2018-59 . SECTION 1. PURPOSE . On December 18, 2015, the Consolidated Appropriations Act, 2016, Pub. L. No.
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