The IRS today released an advance version of Notice 2015-51 that provides a revised effective date for certain “small wind energy property” to qualify for the energy credit under section 48.
The new effective date is December 31, 2015, for small wind energy property using a wind turbine having a rotor swept area of more than 200m2.
On February 2, 2015, Notice 2015-4 was published in the Internal Revenue Bulletin 2015-5 [PDF 1.3 MB] to serve as guidance for the energy credit under section 48, and setting forth the performance and quality standards that small wind energy property must satisfy to qualify for the section 48 credit.
As originally published, Notice 2015-4 was effective for small wind energy property acquired or placed in service (if property constructed, reconstructed, or erected by the taxpayer) after February 2, 2015.
According to today’s notice, the IRS became aware of the inability of manufacturers of certain property to immediately complete the certification process relating to the performance and quality standards of the International Electrotechnical Commission (IEC). These standards concern a rotor swept area of 200m2.
In response to this information, Notice 2015-51 [PDF 11 KB] delays an effective date provision of Notice 2015-4.
With today’s notice, the provisions under Notice 2015-4 are effective for small wind energy property acquired or placed in service (in the case of property constructed, reconstructed, or erected by the taxpayer):
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