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IRS Issues Guidance for the ITC in Lieu of PTC Election



by Laura Ellen Jones
Hunton & Williams LLP - Richmond Office

David S. Lowman
Hunton & Williams LLP - Washington Office

David B. Weisblat
Hunton & Williams LLP - Washington Office

Timothy L. Jacobs
Hunton & Williams LLP - Washington Office

June 25, 2009

Previously published on June 2009

On Friday, June 5, the Internal Revenue Service (the "Service") released Notice 2009-52 (the "Notice"), which provides the procedures for taxpayers to elect to claim an investment tax credit ("ITC") under Section 48 of the Internal Revenue Code (the "Code) in lieu of production tax credits ("PTC") provided under Section 45 of the Code.


 

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