ESA Asks IRS to Prioritize New Guidance on Storage Access to the Investment Tax Credit
Today ESA filed comments with the Department of Treasury requesting that the Internal Revenue Service prioritize updated guidance on how energy storage may avail the Section 48 investment tax credit (ITC) when integrated with solar power and other eligible technologies. Responding the Department’s solicitation for comments on its 2019-2020 Priority Guidance Plan, ESA outlined ways that the IRS could improve business certainty and reduce tax filing burdens by updating guidance on integrated energy storage in the definition of energy property under Section 48 of the Internal Revenue Code. ESA specifically highlighted the issue of eligibility of storage retrofits to existing energy property availing the ITC, updates to dual-use rules, and further clarity on resources like wind power electing an ITC in lieu of the production tax credit (PTC).