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IRS Modifies 2007 Ruling on Wind Energy Partnerships by Roger D. Aksamit
Thompson & Knight LLP - Houston Office
Marc E. Grossberg
Thompson & Knight LLP - Houston Office
Mary A. McNulty
Thompson & Knight LLP - Dallas Office
R. David Wheat
Thompson & Knight LLP - Dallas Office
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October 27, 2009
Previously published on September 29, 2009
On September 21, 2009, the Internal Revenue Service (the "IRS") issued Announcement 2009-69 (the "Announcement") modifying the language of certain provisions of Revenue Procedure 2007-65. Revenue Procedure 2007-65 establishes safe harbor requirements for the allocation of Section 45 wind energy production tax credits by partnerships and is thought to be instructive on how other renewable energy tax credit partnerships will be viewed by the IRS. The revisions to Revenue Procedure 2007-65 are intended to clarify the application of the safe harbor.
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