John Marciano Offers Guidance to the IRS in North American Windpower Article

John Marciano, a partner in Akin Gump’s global project finance practice, has written the article “Some Guidance For The IRS’ Guidance,” which was published by North American Windpower.

In the article, Marciano offers some suggestions to the IRS pertaining to implementation of tax credits related to the start-of-construction threshold for wind projects, rather than placed-in-service. Congress made this change and now, Marciano notes, the IRS is “still wrestling with how to implement the regime.”

Marciano’s guidance includes the following considerations:

  • Recognize the new regime’s policy objectives
  • Continuity tests address nonexistent issue
  • A continuity presumption is a placed-in-service deadline
  • Placed-in-service deadline brings uncertainty

The conclusion drawn by Marciano is that there are no easy answers.